Cambria Cannabis ETF (TOKE)
Cambria Emerging Shareholder Yield ETF (EYLD)
Cambria Foreign Shareholder Yield ETF (FYLD)
Cambria Global Asset Allocation ETF (GAA)
Cambria Global Momentum ETF (GMOM)
Cambria Global Real Estate ETF (BLDG)
Cambria Global Tail Risk ETF (FAIL)
Cambria Global Value ETF (GVAL)
Cambria Shareholder Yield ETF (SYLD)
Cambria Tail Risk ETF (TAIL)
Cambria Trinity ETF (TRTY)
Cambria Value and Momentum ETF (VAMO)

Semi-Annual Report
October 31, 2023

Cambria Investment Management
Table of Contents

Schedules of Investments
Cambria Cannabis ETF  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .

1

Cambria Emerging Shareholder Yield ETF  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .

3

Cambria Foreign Shareholder Yield ETF  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .

6

Cambria Global Asset Allocation ETF  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .

9

Cambria Global Momentum ETF  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 11
Cambria Global Real Estate ETF  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 13
Cambria Global Tail Risk ETF  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 15
Cambria Global Value ETF  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 16
Cambria Shareholder Yield ETF  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 19
Cambria Tail Risk ETF  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 21
Cambria Trinity ETF  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 22
Cambria Value and Momentum ETF  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 24
Statements of Assets and Liabilities  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 27
Statements of Operations  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 31
Statements of Changes in Net Assets  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 35
Financial Highlights  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 41
Notes to Financial Statements  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 53
Disclosure of Fund Expenses  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 66
Approval of Sub-Advisory Agreement and Board Consideration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 68
Supplemental Information  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 70

This report is not authorized for distribution to prospective investors in the Funds unless preceded or accompanied by an effective prospectus.

Cambria Cannabis ETFSchedule of Investments
October 31, 2023 (Unaudited)

SharesCambria Cannabis ETF
Country Composition
United States
CanadaGreat Britain
IrelandIsrael

65.5%
13.7%
12.6%
7.7%
0.6%
100.0%

Percentages are based upon corporate bonds, U.S. Treasury
obligations, common stocks, preferred stocks and convertible preferredstocks as a percentage of total investments.
Sector Weightings
Cambria Cannabis ETF
Consumer Staples
Health Care
Materials
Real Estate
Financials
Industrials
Consumer Discretionary
Information Technology

51.8%
29.8%
5.5%
4.9%
3.1%
2.2%
1.8%
0.9%
100.0%

Percentages based on total investments.
SharesValue

COMMON STOCKS - 92.7%
Consumer Discretionary - 1.7%
Greenlane Holdings, Inc. – Class A(a)GrowGeneration Corp.(a)Consumer Staples - 47.9%
Altria Group, Inc.
British American Tobacco PLC
Constellation Brands, Inc. – Class A
Imperial Brands PLC
Philip Morris International, Inc.
Turning Point Brands, Inc.
Universal Corp.
Village Farms International, Inc.(a)Financials - 2.8%
AFC Gamma, Inc. - REIT

2,871 $1,593
75,950154,938
156,531
15,75014,0004,200
38,7107,350
20,3008,925
122,780

24,675

632,678
417,580
983,429
823,848655,326
407,015401,625
88,402
4,409,903
261,062

Health Care - 27.7%(b)Aurora Cannabis, Inc.(a)Canopy Growth Corp.(a)cbdMD, Inc.(a)Charlottes Web Holdings, Inc.(a)Cronos Group, Inc.(a)Intercure Ltd.(a)Jazz Pharmaceuticals PLC(a)MyMD Pharmaceuticals, Inc.(a)Organigram Holdings, Inc.(a)SNDL, Inc.(a)Tilray Brands, Inc.(a)Value386,365 $170,503
61,60034,816
5,860
3,458
361,725
91,295
232,330
420,51757,99557,9955,950
755,768
171,570
72,917
177,843
189,802245,840
354,010
215,985
388,7732,539,854

Industrials - 2.1%
Agrify Corp.(a)Hydrofarm Holdings Group, Inc.(a)Urban-Gro, Inc.(a)452
138,565
37,730574
138,343
50,936
189,853

Information Technology - 0.8%
WM Technology, Inc.(a)66,64072,638Materials - 5.1%
Scotts Miracle-Gro Co.

10,500466,620

Real Estate - 4.6%
Innovative Industrial Properties, Inc. REIT

5,810

417,332

Total Common Stocks(Cost $27,779,813)
Short-Term Investments - 7.0%
Money Market Funds - 7.0%
First American Treasury Obligations
Fund - Class X, 5.28%(b)8,513,793

646,877

Total Short-Term Investments(Cost $646,877)
Total Investments - 99.7%(Cost $28,426,690)
Other Assets in Excess of Liabilities - 0.3%
Total Net Assets - 100.0%

646,877

646,877

9,160,670
26,558$9,187,228

Percentages are stated as a percent of net assets.

The accompanying notes are an integral part of these financial statements.
Semi-Annual Report | October 31, 2023 

1

Cambria Cannabis ETFSchedule of Investments
October 31, 2023 (Unaudited)

PLC - Public Limited Company
REIT - Real Estate Investment Trust(a)(b)

Non-income producing security.
The rate shown represents the 7-day effective yield as of
October 31, 2023.

Cambria Cannabis ETF(c)Level 1

Level 2

Level 3

Total

Investments:
Common Stocks$7,835,399

$—

$—

$7,835,399

Real Estate Investment Trusts

678,394——

678,394

Short-Term Investments

646,877——

646,877$9,160,670

$—

$—

$9,160,670

Total Investments(c)Refer to Note 2 in the Notes to Financial Statements for
additional information.

The accompanying notes are an integral part of these financial statements.
2www.cambriafunds.com

Cambria Emerging Shareholder Yield ETFSchedule of Investments
October 31, 2023 (Unaudited)

SharesSector Weightings
Cambria Emerging Shareholder Yield ETF
Information Technology
EnergyFinancials
Materials
Consumer Discretionary
Industrials
Utilities
Consumer Staples
Health Care
Real Estate

23.2%
17.7%
16.2%
12.0%
10.4%
9.5%
4.3%
3.4%
2.2%
1.1%
100.0%

Percentages based on total investments.
SharesCOMMON STOCKS - 96.1%
Brazil - 3.8%
Cia de Saneamento de Minas Gerais
Copasa MG
Cielo SA
Petroleo Brasileiro SA
Ultrapar Participacoes SA

Value

544,000 $1,729,622
2,544,800
1,791,846
336,000
2,519,125
576,000
2,329,477
8,370,070

China - 17.1%
Anhui Conch Cement Co. Ltd. – Class H
560,000
Bank of Communications Co. Ltd. –Class H
4,000,000
China Coal Energy Co. Ltd. – Class H
2,720,000
China Hongqiao Group Ltd.
182,000
China Petroleum & Chemical Corp.
5,214,000
China Shenhua Energy Co. Ltd. – Class H 1,120,000
E-Commodities Holdings Ltd.
11,520,000
Fufeng Group Ltd.
4,480,000
Huadian Power International Corp.
Ltd. – Class H(a)7,214,000
JNBY Design Ltd.
1,520,000
Lonking Holdings Ltd.
6,880,000
People’s Insurance Co. Group of
China Ltd.
7,663,000
PetroChina Co. Ltd. - Class H
4,702,000
Shenzhen Expressway Corp. Ltd. –Class H2,240,000
Tianli International Holdings Ltd.
8,800,000
Yankuang Energy Group Co. Ltd. –Class H
1,920,000
Zhejiang Expressway Co. Ltd. - Class H 2,240,000

1,396,914
2,366,698
2,134,219
170,249
2,665,218
3,435,035
1,987,413
2,324,373
2,894,727
1,849,193
1,063,838
2,526,506
3,064,464
1,846,331
2,507,779
3,336,890
1,686,029
37,255,876

Value

Hong Kong - 1.1%
China Medical System Holdings Ltd.

1,600,000 $2,555,829

India - 7.5%
Bank of Baroda
Coal India Ltd.
Indian Bank
Oil & Natural Gas Corp. Ltd.
Oil India Ltd.
Vedanta Ltd.

771,696
829,518
833,031
1,216,332
823,446878,370

1,818,509
3,130,915
4,202,737
2,719,476
2,955,687
2,285,104
17,112,428

Indonesia - 1.6%
Indo Tambangraya Megah Tbk PT
United Tractors Tbk PT

992,000
1,120,000

1,656,456
1,771,483
3,427,939

South Korea - 14.5%
Aekyung Chemical Co. Ltd.
DB Insurance Co. Ltd.
Doosan Bobcat, Inc.
GS Holdings Corp.
Hanmi Semiconductor Co. Ltd.
HD Hyundai Construction Equipment
Co. Ltd.
HD Hyundai Infracore Co. Ltd.
Kia Corp.
KT&G Corp.
LX Semicon Co. Ltd.
Poongsan Corp.
PSK, Inc.
S-Oil Corp.
SSANGYONG C&E Co. Ltd.

173,457
40,32053,83575,546
162,180

1,392,228
2,624,211
1,544,635
2,203,926
6,304,432

52,660358,996
42,19336,65435,064
72,464
138,620
39,313448,937

1,735,123
1,778,300
2,402,460
2,315,047
1,858,933
1,928,904
1,761,297
1,932,830
1,851,526
31,633,852

Mexico - 3.7%
Arca Continental SAB de CV
Banco del Bajio SA(a)GCC SAB de CV

320,000
928,000
272,000

2,871,462
2,825,333
2,426,863
8,123,658

Poland - 2.6%
Powszechna Kasa Oszczednosci Bank
Polski SA(b)Powszechny Zaklad Ubezpieczen SA

256,852
270,6442,653,862
3,059,165
5,713,027

Russia - 0.0%
Alrosa PJSC(b)(d)(e)Federal Grid Co. Unified Energy
System PJSC(b)(d)(e)(c)

538,800—

328,200,000

4

The accompanying notes are an integral part of these financial statements.
Semi-Annual Report | October 31, 2023 

3

Cambria Emerging Shareholder Yield ETFSchedule of Investments
October 31, 2023 (Unaudited)

SharesRussia (continued)
Gazprom Neft PJSC(b)(d)(e)Gazprom PJSC(b)(d)(e)Inter RAO UES PJSC(b)(d)(e)LUKOIL PJSC(b)(d)(e)Magnitogorsk Iron & Steel WorksPJSC(b)(d)(e)NovaBev Group PJSC(b)(d)(e)Novolipetsk Steel PJSC(b)(d)(e)OGK-2 PJSC(b)(d)(e)Sberbank of Russia PJSC(b)(d)(e)Severstal PAO(b)(d)(e)Unipro PJSC(b)(d)(e)Value

Shares223,200 $—423,000—
11,040,000—
17,160—1,560,000
20,340458,400
94,200,000
276,600
85,20021,240,000

—
—
—
1
—
—
—
5

South Africa - 16.2%
Absa Group Ltd.
AECI Ltd.
African Rainbow Minerals Ltd.
Exxaro Resources Ltd.
Investec Ltd.
Investec PLC
Kumba Iron Ore Ltd.
Motus Holdings Ltd.
Nedbank Group Ltd.
Reunert Ltd.
Sanlam Ltd.
Sasol Ltd.
Sibanye Stillwater Ltd.
Thungela Resources Ltd.
Tiger Brands Ltd.
Truworths International Ltd.

18,109441,580
210,332
194,856
514,716
523,764
79,076
507,840
185,520
918,598
606,580
138,814
951,576
182,408
213,990
1,221,486

165,1022,615,954
1,733,215
1,954,676
2,816,128
2,902,446
2,095,201
2,521,012
1,996,499
2,892,690
2,127,546
1,759,093
1,220,264
1,627,994
1,979,329
4,948,206
35,355,355

Taiwan - 24.2%
Asustek Computer, Inc.
Catcher Technology Co. Ltd.
Chicony Electronics Co. Ltd.
China Motor Corp.
Dimerco Express Corp.
Generalplus Technology, Inc.
Global Mixed Mode Technology, Inc.
Holy Stone Enterprise Co. Ltd.
Huaku Development Co. Ltd.
IEI Integration Corp.
ITE Technology, Inc.
Nantex Industry Co. Ltd.
O-TA Precision Industry Co. Ltd.

320,000
480,000
800,000
701,000
1,342,454
1,440,000
269,000
839,000
800,000
1,280,000
960,000
1,920,000
800,000

3,334,669
2,685,987
3,070,757
1,873,800
3,282,152
2,184,307
2,060,937
2,454,790
2,259,288
2,703,253
4,809,619
2,036,319
2,103,900

Taiwan (continued)
Radiant Opto-Electronics Corp.
Systex Corp.
TaiDoc Technology Corp.
Taiwan Semiconductor Co. Ltd.
Topco Scientific Co. Ltd.
Transcend Information, Inc.
Tripod Technology Corp.
Utechzone Co. Ltd.
Winstek Semiconductor Co. Ltd.

Value

640,000 $2,446,740
800,000
2,466,471
480,000
2,108,833
765,000
1,834,962
52,000270,942800,000
1,810,390
640,000
3,255,742
888,000
1,894,546
701,000
1,819,769
52,768,173

Thailand - 0.1%
Tisco Financial Group PCL
Turkey - 3.7%
Aksa Akrilik Kimya Sanayii AS
Dogus Otomotiv Servis ve Ticaret AS
Enerjisa Enerji AS(a)72,800

194,950

48,165413,580
2,572,728

150,6903,629,144
4,418,813
8,198,647

Total Common Stocks(Cost $225,994,269)
Short-Term Investments - 3.9%
Money Market Funds - 3.9%First American Treasury Obligations
Fund - Class X, 5.28%(f)210,709,809

8,559,437

8,559,437

Total Short-Term Investments(Cost $8,559,437)

8,559,437

Total Investments - 100.0%(Cost $234,553,706)

219,269,246

Liabilities in Excess of Other Assets - 0.0%(c)Total Net Assets - 100.0%(102,330)$219,166,916

Percentages are stated as a percent of net assets.
AS - Turkish Joint Stock Company
PAO - Russian Public Stock Company
PJSC - Private Joint Stock Company
PLC - Public Limited Company
SA - Brazilian Limited Liability Corporation

The accompanying notes are an integral part of these financial statements.
4www.cambriafunds.com

Cambria Emerging Shareholder Yield ETFSchedule of Investments
October 31, 2023 (Unaudited)

(a)

(b)
(c)
(d)

(e)

(f)

Security is exempt from registration pursuant to Rule 144A under
the Securities Act of 1933, as amended. These securities may only
be resold in transactions exempt from registration to qualified
institutional investors. As of October 31, 2023, the value of thesesecurities total $10,138,873 or 4.6% of the Fund’s net assets.
Non-income producing security.
Represents less than 0.05% of net assets.
Fair value determined using significant unobservable inputs
in accordance with procedures established by and under
the supervision of the Adviser, acting through its Valuation
Committee. These securities represented $5 or 0.0% of net assets
as of October 31, 2023.
These securities are considered to be illiquid. The aggregate valueof these securities at October 31, 2023 was $5, which represent
0.00% of the Fund’s net assets.
The rate shown represents the 7-day effective yield as of
October 31, 2023.
Represents less than 0.05% of net assets.

Cambria Emerging Shareholder Yield ETF(g)Level 1

Level 2

Level 3(h)Total

$8,370,070 $—Investments:
Common Stocks
Brazil$—$8,370,070

China

37,255,876——

37,255,876

Hong Kong

2,555,829——

2,555,829

India

17,112,428——

17,112,428

Indonesia

3,427,939——

3,427,939

Korea

31,633,852——

31,633,852

Mexico8,123,658——

8,123,658

Poland

5,713,027——

5,713,027

Russia——55South Africa

35,355,355——

35,355,355

Taiwan52,768,173——

52,768,173

Thailand

194,950——

194,950

Turkey8,198,647——

8,198,647

Total Common Stocks

210,709,804—

5

210,709,809

Short-Term Investments

8,559,437——

8,559,437$219,269,241 $—$5$219,269,246

Total Investments
(g)

(h)

Refer to Note 2 in the Notes to Financial Statements for
additional information.
A reconciliation of Level 3 investments is presented when theFund has a significant amount of Level 3 investments at the
beginning and/or at the end of the period in relation to net assets.
Management has concluded that Level 3 investments are notmaterial in relation to net assets.

The accompanying notes are an integral part of these financial statements.
Semi-Annual Report | October 31, 2023 

5

Cambria Foreign Shareholder Yield ETFSchedule of Investments
October 31, 2023 (Unaudited)

SharesSector Weightings
Cambria Foreign Shareholder Yield ETF
EnergyFinancials
Materials
Industrials
Consumer Discretionary
Information Technology
Communication Services
Consumer Staples
Real Estate

24.4%
20.9%
17.3%
17.0%
6.8%
4.8%
4.5%
3.1%
1.2%
100.0%

Percentages based on total investments.

Canada (continued)
West Fraser Timber Co. Ltd.
Whitecap Resources, Inc.

Value

19,104 $1,289,305
295,072
2,278,869
38,335,042

Denmark - 2.3%
D/S Norden AS
Scandinavian Tobacco Group A/S –Class A(b)44,1762,508,865

158,727

2,356,012
4,864,877

Finland - 1.0%
Mandatum Oyj(a)Sampo Oyj

51,20249,065

197,854
1,926,591
2,124,445

SharesValue

Common Stocks - 97.7%
Australia - 7.9%
CSR Ltd.
Fortescue Metals Group Ltd.
New Hope Corp. Ltd.
Santos Ltd.
Super Retail Group Ltd.
Whitehaven Coal Ltd.
Woodside Energy Group Ltd.
Yancoal Australia Ltd.

589,475 $2,097,762
217,972
3,083,426
651,554
2,384,813
431,400
2,098,957
289,0452,416,623
338,930
1,590,999
94,571
2,055,291
533,422
1,634,354
17,362,225

Austria - 0.9%
Wienerberger AG

82,343

Canada - 17.8%
Canadian Natural Resources Ltd.
36,896
Corus Entertainment, Inc. – Class B
1,260,958
Crescent Point Energy Corp.
312,256
Imperial Oil Ltd.
74,096
114,632
Interfor Corp.(a)192,979
International Petroleum Corp.(a)Labrador Iron Ore Royalty Corp.
107,544
165,782
MEG Energy Corp.(a)Mullen Group Ltd.
239,170
Parex Resources, Inc.
110,488
Peyto Exploration & Development Corp. 202,476
Secure Energy Services, Inc.
415,164
Stelco Holdings, Inc.
91,888Suncor Energy, Inc.
73,490Trican Well Service Ltd.
657,772

1,998,697

2,342,933
581,946
2,503,902
4,222,683
1,414,353
2,041,740
2,365,309
3,275,592
2,269,679
2,117,736
2,131,711
2,305,219
2,589,496
2,379,979
2,224,590

France - 6.9%
Amundi SA(b)AXA SA
Coface SA
Metropole Television SA
Nexity SA
SCOR SE
TotalEnergies SE

36,461
91,550172,605
112,72282,534
103,153
43,564

1,898,878
2,707,975
2,078,368
1,410,9781,151,000
3,072,467
2,913,209
15,232,875

Germany - 3.7%
Bayerische Motoren Werke AG
DWS Group GmbH & Co. KGaA(b)Freenet AG
Muenchener RueckversicherungsGesellschaft AG in Muenchen

18,34051,393104,077

1,700,509
1,504,122
2,636,367

5,698

2,281,997
8,122,995

Hong Kong - 6.4%
China Resources Cement Holdings Ltd. 3,056,868
CK Hutchison Holdings Ltd.
364,922
New World Development Co. Ltd.
764,216
Orient Overseas International Ltd.
95,526
Pacific Basin Shipping Ltd.
6,113,738
PC Partner Group Ltd.
2,604,000
Shougang Fushan Resources Group Ltd. 6,596,934
Skyworth Group Ltd.
4,967,412
VTech Holdings Ltd.
267,476785,190
1,844,371
1,400,448
1,204,261
1,765,701
1,034,911
2,166,592
1,796,463
1,556,951
13,554,888

Italy - 4.1%
Anima Holding SpA(b)Eni SpA
Unipol Gruppo SpA
UnipolSai Assicurazioni SpA

458,179
174,326
423,795
733,075

1,869,386
2,845,762
2,292,311
1,735,942
8,743,401

The accompanying notes are an integral part of these financial statements.
6www.cambriafunds.com

Cambria Foreign Shareholder Yield ETFSchedule of Investments
October 31, 2023 (Unaudited)

SharesJapan - 21.3%
Citizen Watch Co. Ltd.
Dai-ichi Life Holdings, Inc.
Hakuto Co. Ltd.
Iyogin Holdings, Inc.
Japan Petroleum Exploration Co. Ltd.
Japan Post Holdings Co. Ltd.
Japan Tobacco, Inc.
Kamigumi Co. Ltd.
Kawasaki Kisen Kaisha Ltd.
Kokuyo Co. Ltd.
Macnica Holdings, Inc.
Mitsubishi Logistics Corp.
Mitsuboshi Belting Ltd.
Mitsui & Co. Ltd.
MS&AD Insurance Group Holdings, Inc.
Press Kogyo Co. Ltd.
Sumitomo Warehouse Co. Ltd.
Tokio Marine Holdings, Inc.
Yamato Kogyo Co. Ltd.

Value

536,800 $3,091,714
129,600
2,715,551
70,6002,356,827
442,500
3,154,355
73,7002,504,074
275,500
2,424,654
91,7002,130,138
110,000
2,213,426
55,6001,886,530
146,600
2,251,590
53,6002,130,562
73,3001,896,152
92,1002,630,995
70,9002,533,830
58,6002,123,634
699,500
2,953,522
147,300
2,340,085
92,2002,033,479
55,3002,618,792
45,989,910

Luxembourg - 1.5%
APERAM SA
RTL Group SA
Netherlands - 1.9%
NN Group NV
Stellantis NV

62,946
41,266

61,839120,355

Norway - 4.0%
Elkem ASA(b)Golden Ocean Group Ltd.
Hoegh Autoliners ASA
Telenor ASA
Yara International ASA

524,061

360,328 $1,905,787
33,203
2,046,968

1,008,170
351,782
571,443406,879
541,851
68,112580,430
626,859
106,226
1,512,973
49,970191,738

Total Short-Term Investments(Cost $2,733,419)

211,695,214

2,733,419

Total Investments - 99.0%(Cost $227,155,906)
Other Assets in Excess of Liabilities - 1.0%

667,733
238,184
366,800
186,171
40,693

1,032,896
1,759,043
2,965,015
1,902,382
1,329,604

65,228
174,716

2,358,337
2,555,787

1,919,559
1,700,033
2,147,582
2,046,907
3,310,090
2,031,588
1,491,393
1,672,406
1,311,783
1,469,316
3,191,680
1,646,718
23,939,055

Total Common Stocks(Cost $224,422,487)

1,979,968
2,241,319

1,318,976

Value

3,952,755
United Kingdom - 11.0%
abrdn PLC
Aviva PLC(a)Balfour Beatty PLC
Barratt Developments PLC
BP PLC
British American Tobacco PLC
Legal & General Group PLC
Man Group PLC/Jersey
Persimmon PLC
Quilter PLC(b)Rio Tinto PLC
WPP PLC

3,180,824

8,988,940
Spain - 2.3%
ACS Actividades de Construccion y
Servicios SA
Repsol SA

Switzerland - 1.8%
Glencore PLC
Holcim AG

Short-Term Investments - 1.3%
Money Market Funds - 1.3%
First American Treasury Obligations
Fund - Class X, 5.28%(c)1,741,673
1,439,151

4,221,287
New Zealand - 0.6%
Fletcher Building Ltd.

SharesTotal Net Assets - 100.0%

2,733,419

2,733,419

214,428,633
2,233,185$216,661,818

Percentages are stated as a percent of net assets.
GmH - German Company with limited liability
KgaA - German Master Limited PartnershipOyj - Finnish public stock company
PLC - Public Limited Company
SpA - Italian Public Limited Company

4,914,124
Sweden - 2.3%
SSAB AB

826,034

4,849,898

The accompanying notes are an integral part of these financial statements.
Semi-Annual Report | October 31, 2023 

7

Cambria Foreign Shareholder Yield ETFSchedule of Investments
October 31, 2023 (Unaudited)

(a)
(b)

(c)

Non-income producing security.
Security is exempt from registration pursuant to Rule 144A under
the Securities Act of 1933, as amended. These securities may only
be resold in transactions exempt from registration to qualified
institutional investors. As of October 31, 2023, the value of thesesecurities total $10,130,610 or 4.7% of the Fund’s net assets.
The rate shown represents the 7-day effective yield as of
October 31, 2023.

Cambria Foreign Shareholder Yield ETF(d)Level 1

Level 2

Level 3Total

$211,695,214 $—$—$211,695,214

Investments:
Common Stocks
Short-Term Investments
Total Investments(d)2,733,419——

2,733,419$214,428,633 $—$—$214,428,633

Refer to Note 2 in the Notes to Financial Statements for
additional information.

The accompanying notes are an integral part of these financial statements.
8www.cambriafunds.com

Cambria Global Asset Allocation ETFSchedule of Investments
October 31, 2023 (Unaudited)

SharesSector Weightings
Cambria Global Asset Allocation ETF
Exchange Traded Funds

100.0%
100.0%

Percentages based on total investments.
SharesExchange Traded Funds - 98.7%
Alpha Architect International
Quantitative Momentum ETF
Alpha Architect US Quantitative
Momentum ETF
Alpha Architect Value Momentum
Trend ETF
Cambria Emerging Shareholder
Yield ETF(a)Cambria Foreign Shareholder
Yield ETF(a)Cambria Global Real Estate ETF(a)Cambria Global Value ETF(a)Cambria Shareholder Yield ETF(a)Cambria Value and Momentum ETF(a)Graniteshares Gold Trust(b)Invesco Optimum Yield Diversified
Commodity Strategy No K-1 ETF
Schwab US TIPS ETF
SPDR FTSE International Government
Inflation-Protected Bond ETF
VanEck Emerging Markets High Yield
Bond ETF
VanEck Gold Miners ETF/USA
VanEck International High Yield
Bond ETF
VanEck J. P. Morgan EM Local
Currency Bond ETF
Vanguard® Intermediate-Term
Corporate Bond ETF
Vanguard® Intermediate-Term
Treasury ETF
Vanguard® Long-Term Treasury ETF
Vanguard® Short-Term Corporate
Bond ETF
Vanguard® Total Bond Market ETF
Vanguard® Total International
Bond ETF
Total Exchange Traded Funds(Cost $53,603,931)

Value

Short-Term Investments - 1.2%
Money Market Funds - 1.2%
First American Treasury Obligations
Fund - Class X, 5.28%(c)575,959 $575,959

Total Short-Term Investments(Cost $575,959)

39,520 $935,834

Total Investments - 99.9%(Cost $54,179,890)

46,5501,910,133

Other Assets in Excess of Liabilities - 0.1%

21,964470,030

166,136

4,557,109

95,418142,500
147,364
67,07083,41087,6662,237,552
3,132,065
2,817,305
3,957,129
2,175,066
1,720,884

235,144
27,626

3,451,913
1,381,853

32,7181,245,901

112,632
15,732

1,967,681
440,653

52,364

1,013,757

129,1243,060,239

19,9501,485,278

35,45429,6782,003,860
1,561,360

14,17447,5001,061,066
3,255,175

53,4282,547,447

Value

Total Net Assets - 100.0%

575,959

48,965,249
24,696$48,989,945

Percentages are stated as a percent of net assets.
ETF - Exchange Traded Funds
FTSE - Financial Times Stock Exchange
SPDR - Standard & Poor’s Depository Receipt
TIPS - Treasury Inflated Protected Security
(a)

(b)
(c)

Affiliated company as defined by the Investment Company Act
of 1940.
Non-income producing security.
The rate shown represents the 7-day effective yield as of
October 31, 2023.

48,389,290

The accompanying notes are an integral part of these financial statements.
Semi-Annual Report | October 31, 2023 

9

Cambria Global Asset Allocation ETFSchedule of Investments
October 31, 2023 (Unaudited)

Transactions with affiliated companies during the period ended October 31, 2023 are as follows:
Market Value
as ofApril 30, 2023 Purchases

Purchases
In-KindSales
In-KindMarket Value Share Balance
as of
as of
October 31, October 31,
2023
2023
Dividends

Change in
Unrealized
Gain (Loss)

Realized
Security Name
Sales
Gain/Loss
Cambria Emerging
Shareholder
Yield ETF
$4,781,062 $— $369,250 $— $(374,639) $4,557,109 $166,136 $240,402 $(221,505) $2,941
Cambria Foreign
Shareholder
Yield ETF
2,422,663—
179,774—(184,180)
2,237,552
95,41898,031(183,546)
2,841
Cambria Global
Real Estate ETF
3,079,046
400,349
265,996—(259,848)
3,132,065
142,500
130,910(351,559)(1,919)Cambria Global
Value ETF
3,046,014—
228,587—(234,871)
2,817,305
147,364
136,399(228,820)
6,395
Cambria
Shareholder
Yield ETF
3,896,096—
324,679—(316,924)
3,957,129
67,07019,205(105,610)
158,888
Cambria Value andMomentum ETF
2,051,536—
172,852—(166,911)
2,175,066
83,41010,69753,967
63,622Grand Total$19,276,417 $400,349 $1,541,138 $— $(1,537,373) $18,876,226 $701,898 $635,644 $(1,037,073) $232,768

Cambria Global Asset Allocation ETF(a)Level 1

Level 2

Level 3Total

$48,389,290 $—$—$48,389,290

Investments:
Exchange Traded Funds
Short-Term Investments
Total Investments(a)575,959——

575,959$48,965,249 $—$—$48,965,249

Refer to Note 2 in the Notes to Financial Statements for
additional information.

The accompanying notes are an integral part of these financial statements.
10www.cambriafunds.com

Cambria Global Momentum ETFSchedule of Investments
October 31, 2023 (Unaudited)

Sector Weightings
Cambria Global Momentum ETF
Exchange Traded Funds

WisdomTree Managed Futures
Strategy Fund

100.0%
100.0%

Total Exchange Traded Funds(Cost $145,206,421)

Percentages based on total investments.
SharesExchange Traded Funds - 99.2%
Cambria Emerging Shareholder
Yield ETF(a)Cambria Foreign Shareholder
Yield ETF(a)Cambria Shareholder Yield ETF(a)Cambria Value and Momentum ETF(a)iMGP DBi Managed Futures
Strategy ETF
Invesco DB Energy Fund
Invesco Optimum Yield Diversified
Commodity Strategy No K-1 ETF
iShares® Global Consumer
Discretionary ETF
iShares® Global Energy ETF
iShares® Global Tech ETF
Grizzle Growth ETF(b)United States Commodity
Index Fund(c)Vanguard® Total Stock Market ETF

Short-Term Investments - 0.8%
Money Market Funds - 0.8%
First American Treasury Obligations
Fund - Class X, 5.28%(d)Value

662,918 $18,183,840
749,169
144,023
349,633

17,568,012
8,497,357
9,117,310

316,354419,260

9,107,832
9,404,002

636,511

9,343,981

57,967
231,140
169,465
377,058

8,037,125
9,139,276
9,795,077
8,892,724

158,635
42,1099,377,629
8,707,720

258,821 $8,688,621
143,860,506

1,180,027

1,180,027

Total Short-Term Investments(Cost $1,180,027)

1,180,027

Total Investments - 100.0%(Cost $146,386,448)

145,040,533

Liabilities in Excess of Other Assets - 0.0%(d)(46,555)

Total Net Assets - 100.0%$144,993,978

Percentages are stated as a percent of net assets.
(a)

(b)

(c)
(d)

(e)

Affiliated company as defined by the Investment Company Act
of 1940.
Affiliated investment managed by Tidal Investments LLC, theFund’s sub-adviser.
Non-income producing security.
The rate shown represents the 7-day effective yield as of
October 31, 2023.
Represents less than 0.05% of net assets.

Transactions with affiliated companies during the period ended October 31, 2023 are as follows:
Market Value
as ofApril 30, 2023 Purchases

Purchases
In-KindMarket Value
Share
as of
Balance as of
October 31, October 31,
Sales In-Kind
2023
2023
Dividends

Change in
Unrealized
Gain (Loss)

Realized
Security Name
Sales
Gain/Loss
Cambria Emerging
Shareholder
Yield ETF
$21,819,192 $179,000 $— $— $(2,909,064) $18,183,840 $662,918 $1,064,588 $(953,845) $48,557
Cambria Foreign
Shareholder
Yield ETF
21,697,862 10,304,825— (10,226,994) (2,388,314) 17,568,012
749,169
546,121(945,254)(874,113)
Cambria
Shareholder
Yield ETF—
9,489,066——(486,000)
8,497,357
144,023
45,181(504,945)(764)
Cambria Value andMomentum ETF—
9,395,809——(249,881)
9,117,310
349,633—(29,089)
471
Grizzle Growth ETF—
9,404,591——(255,888)
8,892,724
377,058—(262,244)
6,265$43,517,054 $38,773,291 $— $(10,226,994) $(6,289,147) $62,259,243 $2,282,801 $1,655,890 $(2,695,377) $(819,584)

The accompanying notes are an integral part of these financial statements.
Semi-Annual Report | October 31, 2023 

11

Cambria Global Momentum ETFSchedule of Investments
October 31, 2023 (Unaudited)

Investments no longer affiliated as of October 31, 2023
Market Value
as ofApril 30, 2023 Purchases

Market Value
Share
as of
Balance as of
October 31, October 31,
Sales In-Kind
2023
2023
Dividends

Change in
Unrealized
Gain (Loss)

Realized
Security Name
Sales
Gain/Loss
Cambria Global
Value ETF
$22,308,015 $— $(17,946,869) $— $(2,268,697) $— $— $694,341 $(1,194,611) $(897,838)
Invesco DB Precious
Metals Fund
11,918,973—— (10,201,839) (1,003,346)———(747,254)
33,466$34,226,988 $— $(17,946,869) $(10,201,839) $(3,272,043) $— $— $694,341 $(1,941,865) $(864,372)
Grand Total

Purchases
In-Kind$77,744,042 $38,773,291 $(17,946,869) $(20,428,833) $(9,561,190) $62,259,243 $2,282,801 $2,350,231 $(4,637,242) $(1,683,956)

Cambria Global Momentum ETF(a)Level 1

Level 2

Level 3Total

$143,860,506 $—$—$143,860,506

Investments:
Exchange Traded Funds
Short-Term Investments
Total Investments(a)1,180,027——

1,180,027$145,040,533 $—$—$145,040,533

Refer to Note 2 in the Notes to Financial Statements for
additional information.

The accompanying notes are an integral part of these financial statements.
12www.cambriafunds.com

Cambria Global Real Estate ETFSchedule of Investments
October 31, 2023 (Unaudited)

SharesSector Weightings
Cambria Global Real Estate ETF
Real Estate

100.0%
100.0%

Percentages based on total investments.
SharesValue

Real Estate Investment Trusts - 94.7%
Australia - 4.3%
BWP Trust
Hotel Property Investments Ltd.
Mirvac Group
Vicinity Ltd.

118,788 $244,897
139,118
225,918
148,827
171,823
236,531
255,073
897,711

France - 3.6%
Carmila SA
Klepierre SA
Mercialys SA
Hong Kong - 2.6%
Champion Real Estate
Investment Trust
Fortune Real Estate Investment Trust
Sunlight Real Estate Investment Trust
Japan - 3.8%
Ooedo Onsen Reit Investment Corp.
Tokyu Real Estate Investment
Trust, Inc.
Tosei Reit Investment Corp.
Malaysia - 2.4%
IGB Real Estate Investment Trust
Pavilion Real Estate Investment Trust
Mexico - 7.8%
Concentradora Fibra Danhos SA de CV
FIBRA Macquarie Mexico(a)Fibra Uno Administracion SA de CV
Prologis Property Mexico SA de CV
TF Administradora Industrial S de RL
de CV

14,896
13,091
27,892

627,000
304,000
608,000

208,367
317,201
237,281762,849

197,909170,157
167,826
535,892684

293,320190
304

226,132
273,364
792,816

830,300
849,300

296,256
215,690
511,946

355,300
187,530
216,790
64,600381,135
288,540
329,592
231,935

224,200

363,615
1,594,817

Netherlands - 2.7%
Vastned Retail NV
Wereldhave NV
Singapore - 2.4%
AIMS APAC Real Estate
Investment Trust
PARAGON Real Estate
Investment Trust
South Africa - 4.9%
Growthpoint Properties Ltd.
Redefine Properties Ltd.
SA Corporate Real Estate Ltd.
Stor-Age Property Real Estate
Investment Trust Ltd.

12,958 $259,410
305,818
20,311
565,228

248,900

218,150

450,300

261,468
479,618

395,656
1,460,568
2,667,980

205,709274,285
273,419

406,429

261,685
1,015,098

Thailand - 2.5%
Frasers Property Thailand Industrial
Freehold & Leasehold Real Estate
Investment Trust
1,018,400
WHA Premium Growth Freehold &Leasehold Real Estate Investment
Trust
1,018,400
Turkey - 1.2%
Emlak Konut Gayrimenkul
Yatirim Ortakligi AS
United States - 56.5%(b)Agree Realty Corp.
Apple Hospitality Real Estate
Investment Trust, Inc.
Armada Hoffler Properties, Inc.
AvalonBay Communities, Inc.
Brixmor Property Group, Inc.
Broadstone Net Lease, Inc.
CareTrust Real Estate Investment
Trust, Inc.
Chatham Lodging Trust
Community Healthcare Trust, Inc.
COPT Defense Properties
Empire State Realty Trust, Inc.
EPR Properties
Equity Commonwealth
Equity Residential
Essential Properties Realty Trust, Inc.

Value

272,008

256,424
528,432

1,100,860

255,008

4,560

255,086

19,47526,8281,235
15,20014,079305,368
267,207
204,689
316,008
199,218

15,31424,9097,372
11,40045,8096,384
12,2175,035
9,272

329,557
230,408
211,355
259,920
370,595
272,597
231,390
278,587
203,520

The accompanying notes are an integral part of these financial statements.
Semi-Annual Report | October 31, 2023 

13

Cambria Global Real Estate ETFSchedule of Investments
October 31, 2023 (Unaudited)

SharesUnited States (continued)
Four Corners Property Trust, Inc.
Franklin Street Properties Corp.
Gaming and Leisure Properties, Inc.
Getty Realty Corp.
Global Net Lease, Inc.
Highwoods Properties, Inc.
Hudson Pacific Properties, Inc.
Innovative Industrial Properties, Inc.
InvenTrust Properties Corp.
Kilroy Realty Corp.
LTC Properties, Inc.
LXP Industrial Trust
Mid-America Apartment
Communities, Inc.
National Health Investors, Inc.
NexPoint Diversified Real Estate Trust
NNN REIT, Inc.
Omega Healthcare Investors, Inc.
Orion Office Real Estate Investment
Trust, Inc.
Physicians Realty Trust
Regency Centers Corp.
Retail Opportunity Investments Corp.
Rexford Industrial Realty, Inc.
RPT Realty
Sabra Health Care Real Estate
Investment Trust, Inc.
Saul Centers, Inc.
SITE Centers Corp.
Spirit Realty Capital, Inc.
STAG Industrial, Inc.
Tanger Factory Outlet Centers, Inc.
Universal Health Realty Income Trust
VICI Properties, Inc.

Value

12,654 $269,530
66,500115,710
5,187
235,438
7,752
206,358
49,379392,069
7,600
135,964
42,389189,055
3,249
233,376
12,863322,861
5,700
162,906
7,391
233,630
21,641
171,180
1,482
5,073
25,1007,600
9,975

175,098
253,853
197,788276,108
330,173

35,16918,126
9,042
19,0005,700
26,600168,108
196,848544,878
223,060
246,468
287,014

24,0927,600
22,8007,505
6,346
16,397
6,707
9,310

328,615264,252
265,848
270,105
210,814369,752
257,817259,749
11,729,930

Total Real Estate Investment Trusts(Cost $22,457,506)

19,669,345

Common Stocks - 2.4%
Canada - 1.0%
H&R Real Estate Investment Trust

33,174

204,056

Turkey - 1.4%
Yeni Gimat Gayrimenkul Ortakligi AS

219,165

287,739

Total Common Stocks(Cost $602,242)

SharesShort-Term Investments - 2.4%
Money Market Funds - 2.4%
First American Treasury Obligations
Fund - Class X, 5.28%(b)Value

505,809 $505,809

Total Short-Term Investments(Cost $505,809)

505,809

Total Investments - 99.5%(Cost $23,565,557)

20,666,949

Other Assets in Excess of Liabilities - 0.5%

107,477

Total Net Assets - 100.0%$20,774,426

Percentages are stated as a percent of net assets.
AS - Turkish Joint Stock Company
NV - Dutch Public Limited Liability Company
PLC - Public Limited Company
REIT - Real Estate Investment Trust
SA de CV - Mexican Public Limited Company with Variable Capital
(a)

(b)

Security is exempt from registration pursuant to Rule 144A under
the Securities Act of 1933, as amended. These securities may only
be resold in transactions exempt from registration to qualified
institutional investors. As of October 31, 2023, the value of thesesecurities total $288,540 or 1.4% of the Fund’s net assets.
The rate shown represents the 7-day effective yield as of
October 31, 2023.

Cambria Global Real Estate ETF(c)Level 1

Level 2

Level 3

Total

Real Estate Investment
Trusts$19,669,345 $—$—$19,669,345

Investments:

Common Stocks

491,795——

491,795

Short-Term Investments

505,809——505,809$20,666,949 $—$—$20,666,949

Total Investments(c)Refer to Note 2 in the Notes to Financial Statements for
additional information.

491,795

The accompanying notes are an integral part of these financial statements.
14www.cambriafunds.com

Cambria Global Tail Risk ETFSchedule of Investments
October 31, 2023 (Unaudited)

Sector Weightings
Cambria Global Tail Risk ETF
Exchange Traded Funds
Purchased Options
Foreign Government Bond

79.8%
15.2%
5.0%
100.0%

Percentages based on total investments.

Currency
Face AmountForeign Government Bond - 4.7%
Colombian TES, 7.500%, 08/26/2026

Value

812,500,000 $181,624

Total Foreign Government Bond
(Cost $284,938)

181,624
SharesSharesExchange Traded Funds - 74.9%
iShares® 7-10 Year Treasury Bond ETF
iShares® TIPS Bond ETF
VanEck J. P. Morgan EM Local Currency
Bond ETF
Vanguard® Total International Bond ETF
Total Exchange Traded Funds(Cost $3,058,117)
Notional
AmountOptions Purchased - 14.3%
Put Options - 14.3%
MSCI EAFE Index
Expires 12/25/2023,
Strike Price $1,900
Expires 03/15/2024,
Strike Price $2,000
Expires 06/21/2024,
Strike Price $2,000
Expires 09/20/2024,
Strike Price $1,900
MSCI Emerging Markets Index
Expires 12/15/2023,
Strike Price $950
Expires 03/15/2024,
Strike Price $950
Expires 06/21/2024,
Strike Price $950
Expires 09/20/2024,
Strike Price $900
Total Put Options
Total Options Purchased(Cost $444,729)

Value

8,435 $755,693
7,254
745,711
29,15014,221

690,855
678,057
2,870,316

Short-Term Investments - 4.7%
Money Market Funds - 4.7%
First American Treasury Obligations
Fund - Class X, 5.28%(a)181,994

Total Short-Term Investments(Cost $181,994)

181,994

Total Investments - 98.6%(Cost $3,969,778)

3,781,934

Other Assets in Excess of Liabilities - 1.4%
Contracts

Value

181,994

52,401

Total Net Assets - 100.0%$3,834,335

Percentages are stated as a percent of net assets.

$779,166

4 $9,500

2,337,496

12 105,840

2,727,079

14 157,640

779,166

4

34,620

EAFE - Europe, Australasia and Far East
ETF - Exchange Traded Funds
MSCI - Morgan Stanley Capital International
TES - Trans Eurpoean Banking Services
TIPS - Treasure Inflated Protected Security(a)The rate shown represents the 7-day effective yield as of
October 31, 2023.

Cambria Global Tail Risk ETF(b)Level 1

Level 2

Level 3Total

$2,870,316 $—Investments:

366,079
1,464,314

4
16

Exchange Traded Funds

16,32082,5601,464,314

16

99,920732,157

8

41,600548,000$—$2,870,316

Options Purchased—

548,000—

548,000

Foreign Government Bond—

181,624—

181,624

181,994——

181,994$3,052,310 $729,624$—$3,781,934

Short-Term Investments
Total Investments(b)Refer to Note 2 in the Notes to Financial Statements for
additional information.

548,000

The accompanying notes are an integral part of these financial statements.
Semi-Annual Report | October 31, 2023 

15

Cambria Global Value ETFSchedule of Investments
October 31, 2023 (Unaudited)

SharesSector Weightings
Cambria Global Value ETF
Financials
Utilities
EnergyMaterials
Industrials
Real EstateConsumer Staples
Consumer Discretionary
Information Technology
Communication Services
Health Care

35.0%
16.7%
10.1%
9.6%
8.9%
6.8%
5.2%
3.4%
1.5%
1.5%
1.3%
100.0%

Value

Common Stocks – 93.3%
14,490 $665,403
32,655
19,95047,25442,31521,21062,580
11,13029,29533,075818,198
885,316
1,685,736
1,148,441
928,214905,172
965,686
730,290
802,824
9,535,280

399,000
147,000
126,000
315,000
252,000
94,50063,000710,670
782,853
867,199736,619
1,003,152
846,456
862,575
5,809,524

Chile - 8.7%
Banco Santander Chile
CAP SA
Cencosud SA
Cia Sud Americana de Vapores SA

8,652,179
Czech Republic - 7.9%
CEZ AS
Komercni Banka AS
Moneta Money Bank AS(a)Philip Morris CR AS
Greece - 0.0%(c)FF Group(b)(d)SharesBrazil - 5.8%
Atacadao SA
Banco Santander Brasil SA
Centrais Eletricas Brasileiras SA
Cia Siderurgica Nacional SA
JBS S/A
Telefonica Brasil SA
Vale SA

9,456,720 $1,372,968
637,350
1,139,397
132,090874,451
8,988,420
923,949
351,120714,990343,770
930,445

40,95072,660645,645
2,415

1,752,216
2,127,993
2,494,318
1,662,109
8,036,636

Percentages based on total investments.

Austria - 9.5%
ANDRITZ AG
AT&S Austria Technologie &Systemtechnik AG
BAWAG Group AG(a)Erste Group Bank AG(b)EVN AG(b)OMV AG
Raiffeisen Bank International AG(b)Verbund AG - Class A
Voestalpine AG
Wienerberger AG

Chile (continued)
Colbun SA
Empresas CMPC SA
Empresas Copec SA
Enel Américas SA(b)Falabella SA
Quinenco SA

Value

19,190,220
79,485593,460
8,344,875

836,651
434,459
961,472
463,397

Hong Kong - 6.8%
BOC Hong Kong Holdings Ltd.
China Overseas Land &Investment Ltd.
China Resources Land Ltd.
CK Asset Holdings Ltd.
CK Hutchison Holdings Ltd.
Geely Automobile Holdings Ltd.
Orient Overseas International Ltd.
Sino Land Co. Ltd.
Swire Properties Ltd.

25,407—315,000

833,264

367,500
210,000
157,500
157,500
735,000
52,500840,000
378,000

694,118
786,301
786,972
796,029
833,130
661,848
838,363
731,340
6,961,365

Italy - 10.0%
A2A SpA
Assicurazioni Generali SpA
Banco BPM SpA
Enel SpAEni SpA
Intesa Sanpaolo SpA
Leonardo SpA
Pirelli & C SpA(a)UniCredit SpA
UnipolSai Assicurazioni SpA

574,245
47,250219,660
155,190
65,520360,780
78,855
188,475
45,570369,810

1,076,075
937,161
1,120,973
983,269
1,069,573
937,748
1,187,720
837,786
1,139,142
875,721
10,165,168

Malaysia - 7.9%
CIMB Group Holdings Bhd
Hartalega Holdings Bhd(b)Hong Leong Bank Bhd
Malayan Banking Bhd

808,500
1,785,000
199,500
462,000

968,944775,517812,320874,644

The accompanying notes are an integral part of these financial statements.
16www.cambriafunds.com

Cambria Global Value ETFSchedule of Investments
October 31, 2023 (Unaudited)

SharesMalaysia (continued)
Petronas Chemicals Group Bhd
Public Bank Bhd
RHB Bank Bhd
Sime Darby Bhd
Sime Darby Plantation Bhd
Top Glove Corp. Bhd(b)Value

Shares525,000 $808,794
892,500
779,263682,500
799,318
1,753,500
842,799
777,000
707,772
3,570,000
543,236

Spain (continued)
Enagas SA
Endesa SA
Ferrovial SE
Iberdrola SA
Mapfre SA
Naturgy Energy Group SA

43,155 $721,236
44,940844,744
36,855
1,109,054
82,005
911,080
523,740
1,087,280
31,185881,016

7,912,607
Poland - 10.5%
Alior Bank SA(b)Jastrzebska Spolka Weglowa SA(b)KGHM Polska Miedz SA
Lubelski Wegiel Bogdanka SA
ORLEN SAPGE Polska Grupa Energetyczna SA(b)Powszechny Zaklad Ubezpieczen SA
Tauron Polska Energia SA(b)122,430
60,69030,34579,380
189,057
437,010
141,330
1,242,150

1,923,628
719,569
808,686
693,530
2,984,843
757,185
1,597,493
1,090,850
10,575,784

Russia - 0.0%(c)Alrosa PJSC(d)(e)Gazprom Neft PJSC(d)(e)Gazprom PJSC(b)(d)(e)Rosneft Oil Co. PJSC(d)(e)Sberbank of Russia PJSC(d)(e)Severstal PAO(b)(d)(e)Unipro PJSC(b)(d)(e)1,262,976
334,880
373,048
198,016
287,60982,992
22,421,984

—
—
—
—
—
—
—
—

Singapore - 8.9%
CapitaLand Ascott Trust – REIT
17,206
CapitaLand Investment Ltd./Singapore 315,000
CDL Hospitality Trusts
18,650City Developments Ltd.
168,000
Genting Singapore Ltd.
1,386,000
Jardine Cycle & Carriage Ltd.
42,000Oversea-Chinese Banking Corp. Ltd.
105,000
Sembcorp Industries Ltd.
378,000
Singapore Airlines Ltd.
241,500
United Overseas Bank Ltd.
42,000UOL Group Ltd.
178,500
Venture Corp. Ltd.
73,50011,310676,405
13,213
775,488
870,584
865,062
972,428
1,267,224
1,077,723
828,865
769,200
628,090
8,755,592

Spain - 9.5%
Acciona SA
Banco Bilbao Vizcaya Argentaria SA
Banco Santander SA
CaixaBank SA

4,830
132,510
325,710295,470

608,164
1,040,630
1,194,501
1,198,962

Value

9,596,667
United Kingdom - 7.8%
Anglo American PLC
Aviva PLC(b)Barclays PLC
BP PLC
Legal & General Group PLC
Lloyds Banking Group PLC
Rio Tinto PLC
Segro PLC - REIT
Shell PLC
Vodafone Group PLC

21,685
132,366
510,720
180,689
305,774
1,737,855
13,76564,47033,390619,710552,576
639,676
816,914
1,103,803
785,675
843,644879,197558,551
1,074,053
570,1937,824,282

Total Common Stocks(Cost $112,727,938)
Preferred Stocks - 2.9%
Brazil - 2.9%
Gerdau SA, 0.00%
Itau Unibanco Holding SA, 0.00%
Petroleo Brasileiro SA, 0.00%

93,825,084

187,425
210,000
147,000

813,380
1,117,112
1,012,607
2,943,099

Total Preferred Stocks(Cost $2,810,101)
Short-Term Investments - 3.1%
Money Market Funds - 3.1%
First American Treasury Obligations
Fund - Class X, 5.28%(f)2,943,099

3,081,586

3,081,586

Total Short-Term Investments(Cost $3,081,586)

3,081,586

Total Investments - 99.3%(Cost $118,619,625)

99,849,769

Other Assets in Excess of Liabilities - 0.7%
Total Net Assets - 100.0%

681,380$100,531,149

Percentages are stated as a percent of net assets.

The accompanying notes are an integral part of these financial statements.
Semi-Annual Report | October 31, 2023 

17

Cambria Global Value ETFSchedule of Investments
October 31, 2023 (Unaudited)

PJSC - Private Joint Stock Company
PLC - Public Limited Company
REIT - Real Estate Investment Trust
(a)

(b)
(c)
(d)

(e)

(f)

Security is exempt from registration pursuant to Rule 144A under
the Securities Act of 1933, as amended. These securities may only
be resold in transactions exempt from registration to qualified
institutional investors. As of October 31, 2023, the value of thesesecurities total $4,217,420 or 4.2% of the Fund’s net assets.
Non-income producing security.
Represents less than 0.05% of net assets.
Fair value determined using significant unobservable inputs
in accordance with procedures established by and under
the supervision of the Adviser, acting through its Valuation
Committee. These securities represented $0 or 0.0% of net assets
as of October 31, 2023.
These securities are considered to be illiquid. The aggregate valueof these securities at October 31, 2023 was $0, which represent
0.00% of the Fund’s net assets.
The rate shown represents the 7-day effective yield as of
October 31, 2023.

Cambria Global Value ETF(g)Level 1

Level 2

Level 3(h)Total

Investments:
Common Stocks
Austria$—$9,535,280

Brazil

5,809,524——

5,809,524

Chile

8,652,179——

8,652,179

Czech Republic

8,036,636——

8,036,636

—

—

—

—

Hong Kong

6,961,365——

6,961,365

Italy

10,165,168——

10,165,168

Malaysia

7,912,607——

7,912,607

Poland10,575,784——

10,575,784

GreeceRussia

—

—

0(i)

0(i)

Singapore

8,755,592——

8,755,592

Spain

9,596,667——

9,596,667

United Kingdom

7,824,282——

7,824,282

Total Common Stocks

93,825,084——

93,825,084

Preferred Stocks

2,943,099——

2,943,099

Short-Term Investments

3,081,586——

3,081,586$99,849,769 $—$—$99,849,769

Total Investments
(g)

(h)

(i)

$9,535,280 $—Refer to Note 2 in the Notes to Financial Statements for
additional information.
A reconciliation of Level 3 investments is presented when the Fundhas a significant amount of Level 3 investments at the beginning
and/or end of the period in relation to net assets. Management has
concluded that Level 3 investments are not material in relation to
net assets.
Rounds to zero.

The accompanying notes are an integral part of these financial statements.
18www.cambriafunds.com

Cambria Shareholder Yield ETF 

Schedule of Investments
October 31, 2023 (Unaudited)

SharesSector Weightings
Cambria Shareholder Yield ETF
EnergyMaterials
Financials
Consumer Discretionary
Industrials
Health Care
Information Technology
Communication Services
Consumer Staples

24.3%
19.3%
18.6%
16.7%
8.1%
5.7%
4.6%
1.9%
0.8%
100.0%

Percentages based on total investments.

SharesValue

Common Stocks - 99.9%
Communication Services - 1.9%
Comcast Corp.
Fox Corp.

195,576 $8,075,333
238,850
7,258,652
15,333,985

Consumer Discretionary - 16.7%
Adtalem Global Education, Inc.(a)Advance Auto Parts, Inc.
AutoNation, Inc.(a)Big 5 Sporting Goods Corp.
Dillard’s, Inc. - Class A
Ethan Allen Interiors, Inc.
Foot Locker, Inc.
Haverty Furniture Cos., Inc.
KB Home
LKQ Corp.
ODP Corp.(a)Oxford Industries, Inc.
Penske Automotive Group, Inc.
PulteGroup, Inc.
Tapestry, Inc.
Toll Brothers, Inc.
Whirlpool Corp.

203,725
47,77090,763493,998
42,150298,984
206,254
231,825
187,708
152,021
171,691
79,52382,775
177,311215,246
189,051
49,456

10,552,955
2,485,473
11,806,451
3,487,626
13,085,468
7,851,320
4,329,271
6,039,041
8,296,694
6,676,762
7,712,360
6,711,741
11,843,447
13,048,316
5,932,180
13,367,797
5,171,119
138,398,021

Consumer Staples - 0.8%
Cal-Maine Foods, Inc.

144,822

6,561,885

Energy - 24.3%
APA Corp.
California Resources Corp.
Chevron Corp.
Civitas Resources, Inc.
CNX Resources Corp.(a)ConocoPhillips
CONSOL Energy, Inc.
Coterra Energy, Inc.
CVR Energy, Inc.
Devon Energy Corp.
EOG Resources, Inc.
Exxon Mobil Corp.
HF Sinclair Corp.
Marathon Oil Corp.
Marathon Petroleum Corp.
Occidental Petroleum Corp.
Pioneer Natural Resources Co.
Plains GP Holdings LP – Class A
Range Resources Corp.
SM Energy Co.
Valero Energy Corp.

Value

190,799 $7,578,536
175,344
9,221,341
57,8098,424,506
122,000
9,202,460
492,312
10,693,017
76,713
9,113,504
146,940
13,502,316
327,365
9,002,538
408,293
13,371,595
140,7816,556,171
71,936
9,081,920
94,697
10,023,677
149,492
8,278,867
311,6298,510,588
77,556
11,730,345
138,252
8,545,356
34,282
8,193,398
704,467
11,046,043
276,785
9,919,974
218,899
8,826,008
80,766
10,257,282
201,079,442

Financials - 18.5%
Affiliated Managers Group, Inc.
Aflac, Inc.
Allstate Corp.
Ally Financial, Inc.
American Financial Group, Inc.
Ameriprise Financial, Inc.
Assured Guaranty Ltd.
Cathay General Bancorp
Discover Financial Services
Federated Hermes, Inc. - Class B
Jefferies Financial Group, Inc.
Lincoln National Corp.
Loews Corp.
MetLife, Inc.
Mr Cooper Group, Inc.(a)PennyMac Financial Services, Inc.
Principal Financial Group, Inc.
PROG Holdings, Inc.(a)SLM Corp.
Synchrony Financial
Western Union Co.

57,013
137,128
63,506
208,783
60,69634,001
168,881
206,816
70,531
246,718
252,346
118,020
138,533
117,458
164,947
116,334
123,921
270,603446,790
173,939
390,5906,998,916
10,711,067
8,137,024
5,050,461
6,637,715
10,695,695
10,538,175
7,013,131
5,789,184
7,820,961
8,120,494
2,569,295
8,867,497
7,048,655
9,324,454
7,817,645
8,386,973
7,411,816
5,808,270
4,878,989
4,409,761
154,036,178

The accompanying notes are an integral part of these financial statements.
Semi-Annual Report | October 31, 2023 

19

Cambria Shareholder Yield ETF 

Schedule of Investments
October 31, 2023 (Unaudited)

SharesHealth Care - 5.7%
AMN Healthcare Services, Inc.(a)Cigna Group
McKesson Corp.
Quest Diagnostics, Inc.
Universal Health Services, Inc. –Class B
Viatris, Inc.

Value

70,531 $5,350,482
32,034
9,904,913
20,854
9,496,077
51,142
6,653,574
62,663894,704

7,888,645
7,962,866
47,256,557

Industrials - 8.1%
Atkore, Inc.(a)Builders FirstSource, Inc.(a)Encore Wire Corp.
ManpowerGroup, Inc.
Matson, Inc.
Owens Corning
Ryder System, Inc.
Veritiv Corp.

69,96961,53943,93792,449109,590
85,204
91,37153,517

8,695,747
6,678,212
7,857,254
6,468,657
9,539,810
9,659,577
8,912,327
9,066,315
66,877,899

Information Technology - 4.6%
Arrow Electronics, Inc.(a)DXC Technology Co.(a)HP, Inc.
Kulicke & Soffa Industries, Inc.
Sanmina Corp.(a)Xerox Holdings Corp.

7,489,029
4,772,262
7,147,173
6,281,196
8,062,082
4,354,904

12,856,221
5,940,818
7,538,865
8,560,339
7,958,201
6,175,498
6,113,394
10,274,102
7,226,870
8,205,065
11,564,568
6,266,255
12,652,097
10,995,628
9,098,510
7,440,584
10,350,718
10,310,927

1,097,025

1,097,025

Total Short-Term Investments(Cost $1,097,025)

1,097,025

Total Investments - 100.0%(Cost $841,604,266)

828,276,298

Other Assets in Excess of Liabilities - 0.0%(c)141,015

Total Net Assets - 100.0%$828,417,313

Percentages are stated as a percent of net assets.

(b)

(c)

Non-income producing security.
The rate shown represents the 7-day effective yield as of
October 31, 2023.
Represents less than 0.05% of net assets.

Cambria Shareholder Yield ETF(d)Level 1

Level 2

Level 3Total

$827,179,273 $—$—$827,179,273

Investments:
Common Stocks
Short-Term Investments

58,44874,465
155,955
117,458
125,326
264,702
181,245
200,353
80,085
252,619
78,250146,682
49,737
378,50785,424
167,959
305,421211,593Value$827,179,273

Short-Term Investments - 0.1%
Money Market Funds - 0.1%
First American Treasury Obligations
Fund - Class X, 5.28%(b)(a)

66,035
236,602271,446
150,954
158,484
339,167

38,106,646
Materials - 19.3%
Alpha Metallurgical Resources, Inc.
CF Industries Holdings, Inc.
Dow, Inc.
DuPont de Nemours, Inc.
Greif, Inc. – Class A
Huntsman Corp.
International Paper Co.
Louisiana-Pacific Corp.
LyondellBasell Industries NV – Class A
Mosaic Co.
Nucor Corp.
Olin Corp.
Reliance Steel & Aluminum Co.
Ryerson Holding Corp.
Steel Dynamics, Inc.
Sylvamo Corp.
United States Steel Corp.
Warrior Met Coal, Inc.

SharesTotal Common Stocks(Cost $840,507,241)

Total Investments(d)1,097,025——

1,097,025$828,276,298 $—$—$828,276,298

Refer to Note 2 in the Notes to Financial Statements for
additional information.

159,528,660
The accompanying notes are an integral part of these financial statements.
20www.cambriafunds.com

Cambria Tail Risk ETFSchedule of Investments
October 31, 2023 (Unaudited)

Cambria Tail Risk ETF(a)Sector Weightings
Cambria Tail Risk ETF
U.S. Treasury Obligations
Purchased Options

90.3%
9.7%
100.0%

Percentages based on total investments.

U.S. Treasury Obligations - 85.2%
U.S. Treasury Bond, 4.125%,
11/15/2032
Total U.S. Treasury Obligations(Cost $112,576,192)

Level 2

$—$104,178,455—

11,218,260$—$115,396,715

Level 3

Total

Options
Total Investments$— $104,178,455—

11,218,260$— $115,396,715

Refer to Note 2 in the Notes to Financial Statements for
additional information.

Value$110,580,000 $104,178,455

Notional
AmountOptions Purchased - 9.2%
Put Options - 9.2%
S&P 500® Index
Expires 12/15/2023,
Strike Price $3,600
Expires 3/15/2024,
Strike Price $3,800
Expires 6/21/2024,
Strike Price $3,800
Expires 9/20/2024,
Strike Price $4,200
Expires 9/20/2024,
Strike Price $4,000
Expires 12/202024,
Strike Price $4,100
Total Options(Cost $10,895,453)

U.S. Treasury Obligations

(a)

Par

Level 1
Investments:

104,178,455

ContractsValue$25,582,180

61 $39,345

77,585,300

185

1,043,400

89,747,320

214

1,958,100

51,583,740

123

2,710,305

56,196,920

134

2,182,860

63,326,380

151

3,284,250

Total Investments - 94.4%(Cost $123,471,645)
Other Assets in Excess of Liabilities - 5.6%
Total Net Assets - 100.0%

11,218,260

115,396,715
6,889,058$122,285,773

Percentages are stated as a percent of net assets.

The accompanying notes are an integral part of these financial statements.
Semi-Annual Report | October 31, 2023 

21

Cambria Trinity ETFSchedule of Investments
October 31, 2023 (Unaudited)

SharesSector Weightings
Cambria Trinity ETF
Exchange Traded Funds

100.0%
100.0%

Percentages based on total investments.
SharesExchange Traded Funds - 98.7%
Alpha Architect Value Momentum
Trend ETF
Cambria Emerging Shareholder
Yield ETF(a)Cambria Foreign Shareholder
Yield ETF(a)Cambria Global Real Estate ETF(a)Cambria Global Value ETF(a)Cambria Shareholder Yield ETF(a)Cambria Value and Momentum ETF(a)First Trust Managed Futures
Strategy FundiMGP DBi Managed Futures
Strategy ETF
Invesco DB Energy Fund
Invesco Optimum Yield Diversified
Commodity Strategy No K-1 ETF
iShares® Global Consumer
Discretionary ETF
iShares® Global Energy ETF
iShares® Global Tech ETF
KFA Mount Lucas Managed Future
Schwab US TIPS ETF
Simplify Managed Futures
Strategy ETF
SPDR® FTSE International Government
Inflation-Protected Bond ETF
Grizzle Growth ETF(b)United States Commodity
Index Fund(c)VanEck J. P. Morgan EM Local
Currency Bond ETF
Vanguard® Intermediate-Term
Treasury ETF
Vanguard® Total Bond Market ETF
Vanguard® Total Stock Market ETF
WisdomTree Managed Futures
Strategy Fund
Total Exchange Traded Funds(Cost $116,807,107)

Value

23,191 $496,287
339,782

9,320,220

403,580
178,687
251,821
118,387
442,560

9,463,951
3,927,433
4,814,314
6,984,833
11,540,548

72,6093,512,177

232,888
102,3936,704,846
2,296,675

471,500

6,921,620

15,67560,92843,17738,38445,503

2,173,339
2,409,093
2,495,631
1,241,722
2,276,060

45,185

1,193,788

56,14093,685

2,137,811
2,209,514

41,6942,464,720

298,403

7,072,151

146,292
95,675
11,165

8,268,424
6,556,608
2,308,810

68,1142,286,587

Short-Term Investments - 1.3%
Money Market Funds - 1.3%
First American Treasury Obligations
Fund - Class X, 5.28%(d)Total Short-Term Investments(Cost $1,419,067)

Value

1,419,067 $1,419,067

Total Investments - 100.0%(Cost $118,226,174)
Other Assets in Excess of Other Assets - 0.0%(e)Total Net Assets - 100.0%

1,419,067

112,496,229
19,615$112,515,844

Percentages are stated as a percent of net assets.
ETF - Exchange Traded Funds
FTSE - Financial Times Stock Exchange
SPDR - Standard & Poor’s Depository Receipt
TIPS - Treasury Inflated Protected Security
(a)

(b)

(c)
(d)

(e)

Affiliated company as defined by the Investment Company Act
of 1940.
Affiliated investment managed by Tidal Investments LLC, theFund’s sub-adviser.
Non-income producing security.
The rate shown represents the 7-day effective yield as of
October 31, 2023.
Represents less than 0.05% of net assets.

111,077,162

The accompanying notes are an integral part of these financial statements.
22www.cambriafunds.com

Cambria Trinity ETFSchedule of Investments
October 31, 2023 (Unaudited)

Transactions with affiliated companies during the period ended October 31, 2023 are as follows:
Market Value
as ofApril 30, 2023 Purchases

Purchases
In-KindSales
In-KindMarket Value
Share
as of
Balance as of
October 31, October 31,
2023
2023
Dividends

Change in
Unrealized
Gain (Loss)

Realized
Security Name
Sales
Gain/Loss
Cambria Emerging
Shareholder
Yield ETF
$9,884,898 $96,705 $199,658 $— $(415,048) $9,320,220 $339,782 $512,229 $(469,469) $23,476
Cambria Foreign
Shareholder
Yield ETF
10,429,729 2,576,344
34,854 (2,317,714)(414,662)
9,463,951
403,580
360,052(669,703) (174,897)
Cambria Global
Real Estate ETF
4,513,970—
92,379(29,357)(185,791)
3,927,433
178,687
174,026(445,488)(18,280)
Cambria Global
Value ETF
10,618,324—
215,004 (4,860,258)(219,873)
4,814,314
251,821490,357(375,868) (563,015)
Cambria
Shareholder
Yield ETF
4,751,297 2,467,396
100,502—(289,239)
6,984,833
118,387
60,535(75,593)
30,470Cambria Value andMomentum ETF
9,232,280 1,962,523
196,712—(412,911) 11,540,548
442,560
49,684
549,534
12,410
Grizzle Growth ETF— 2,274,672———
2,209,514
93,685—(65,158)—
Grand Total$49,430,498 $9,377,640 $839,109 $(7,207,329) $(1,937,524) $48,260,813 $1,828,502 $1,646,883 $(1,551,745) $(689,836)

Cambria Trinity ETF(a)Level 1

Level 2

Level 3

Total

Exchange Traded Funds $111,077,162 $—$—$111,077,162

Investments:
Short-Term Investments
Total Investments(a)1,419,067——

1,419,067$112,496,229 $—$—$112,496,229

Refer to Note 2 in the Notes to Financial Statements for
additional information.

The accompanying notes are an integral part of these financial statements.
Semi-Annual Report | October 31, 2023 

23

Cambria Value and Momentum ETFSchedule of Investments
October 31, 2023 (Unaudited)

SharesSector Weightings
Cambria Value and Momentum ETF
Consumer Discretionary
Financials
Industrials
EnergyMaterials
Information Technology
Health Care
Communication Services

23.6%
18.1%
17.1%
16.0%
11.7%
7.6%
4.0%
1.9%
100.0%

Percentages based on total investments.

SharesValue

Common Stocks - 87.1%
Communication Services - 1.7%
Scholastic Corp.
Telephone and Data Systems, Inc.

14,256 $526,046
29,342533,7311,059,777

Consumer Discretionary - 20.6%
Adtalem Global Education, Inc.(a)Asbury Automotive Group, Inc.(a)AutoNation, Inc.(a)Beazer Homes USA, Inc.(a)Century Communities, Inc.
DR Horton, Inc.
Green Brick Partners, Inc.(a)Group 1 Automotive, Inc.
KB HomeLennar Corp. – Class A
M/I Homes, Inc.(a)MDC Holdings, Inc.
Meritage Homes Corp.
ODP Corp.(a)Patrick Industries, Inc.
Penske Automotive Group, Inc.
Perdoceo Education Corp.
PulteGroup, Inc.
PVH Corp.
Taylor Morrison Home Corp.(a)Toll Brothers, Inc.
Tri Pointe Homes, Inc.(a)Upbound Group, Inc.
Urban Outfitters, Inc.(a)12,0002,439
4,416
20,933
8,380
5,192
15,192
2,736
8,400
4,850
8,331
9,648
4,518
11,975
7,283
4,992
40,566
8,919
5,280
13,693
8,598
13,632
14,16013,776621,600
466,751
574,433
506,369
515,370542,045587,930
690,375
371,280
517,398
683,725
366,142515,142
537,917547,317714,256
733,840
656,349
392,568
524,716
607,965
341,618
369,010
476,925
12,861,041

Energy - 13.9%
California Resources Corp.
Chord Energy Corp.
Civitas Resources, Inc.
CNX Resources Corp.(a)CONSOL Energy, Inc.
Earthstone Energy, Inc.
Exxon Mobil Corp.
Gulfport Energy Corp.(a)Helix Energy Solutions Group, Inc.(a)Marathon Petroleum Corp.
PBF Energy, Inc. - Class A
Permian Resources Corp.
Plains GP Holdings LP – Class A

Value

9,286 $488,351
4,714
779,318
8,448
637,233
23,079501,276
9,120
838,036
26,422559,354
5,568
589,373
4,464
551,795
78,497769,2714,800
726,000
15,671
744,843
62,945917,108
39,792623,939
8,725,897

Financials - 15.9%
American Equity Investment Life
Holding Co.(a)Bancorp, Inc.(a)eHealth, Inc.(a)Enova International, Inc.(a)First Citizens BancShares, Inc. – Class A
Genworth Financial, Inc. – Class A(a)Loews Corp.
MGIC Investment Corp.
Mr Cooper Group, Inc.(a)Old Republic International Corp.
Oscar Health, Inc.(a)Pathward Financial, Inc.
Primerica, Inc.
PROG Holdings, Inc.(a)Radian Group, Inc.
Remitly Global, Inc.(a)Unum Group
Voya Financial, Inc.

11,712
16,81061,61911,498336
110,291
11,19828,512
12,624
21,12051,60011,3792,256
13,824
17,37623,904
17,664
7,968

620,268599,277
528,691
458,540
463,929
660,643716,783
480,142713,635
578,266
264,192
515,355
431,257
378,639440,308
643,735
863,769
532,023
9,889,452

Health Care - 3.5%
Arcturus Therapeutics Holdings, Inc.(a)Cardinal Health, Inc.
Cross Country Healthcare, Inc.(a)McKesson Corp.

17,520
7,043
21,868
1,488

334,632
640,913506,463
677,576
2,159,584

Industrials - 14.8%
ArcBest Corp.
Atkore, Inc.(a)Boise Cascade Co.
Builders FirstSource, Inc.(a)

5,487
3,582
9,984
5,962

597,425
445,171935,999
646,996

The accompanying notes are an integral part of these financial statements.
24www.cambriafunds.com

Cambria Value and Momentum ETFSchedule of Investments
October 31, 2023 (Unaudited)

SharesIndustrials (continued)
EMCOR Group, Inc.
Encore Wire Corp.
Fluence Energy, Inc.(a)GMS, Inc.(a)Insteel Industries, Inc.
Matson, Inc.
Mueller Industries, Inc.
MYR Group, Inc.(a)Owens Corning
SkyWest, Inc.(a)Sterling Infrastructure, Inc.(a)Terex Corp.
Veritiv Corp.
Wabash National Corp.

Value

3,109 $642,475
3,936
703,875
18,576
321,736
6,336
370,529
16,560462,1905,451
474,51018,048680,590
3,168
366,9493,456
391,807
11,088467,581
8,256
601,450
7,584
347,347
2,903
491,797
16,656344,6139,293,040

Information Technology - 6.6%
Arrow Electronics, Inc.(a)Avnet, Inc.
Crane NXT Co.
Insight Enterprises, Inc.(a)InterDigital, Inc.
Jabil, Inc.
Photronics, Inc.(a)Sanmina Corp.(a)Vishay Intertechnology, Inc.

3,168
16,080
7,824
3,024
4,752
4,224
26,304
9,763
15,360359,283
744,987
406,848
433,339
357,588518,707482,941
496,644
341,606
4,141,943

Materials - 10.1%
Alpha Metallurgical Resources, Inc.
Commercial Metals Co.
Nucor Corp.
O-I Glass, Inc.(a)Olympic Steel, Inc.
Reliance Steel & Aluminum Co.
Resolute Forest Products(a)(b)(c)
Steel Dynamics, Inc.
TimkenSteel Corp.(a)Warrior Met Coal, Inc.
Westlake Corp.

4,560
12,028
4,656
21,12010,023
2,352
66,033
5,137
41,56814,496
4,765

1,003,018
508,664
688,110326,304
508,868
598,30293,767547,142845,077
706,390549,690

SharesShort-Term Investments - 2.9%
Money Market Funds - 2.9%First American Treasury Obligations
Fund - Class X, 5.28%(d)Value

1,837,910 $1,837,910

Total Short-Term Investments(Cost $1,837,910)

1,837,910

Total Investments - 90.0%(Cost $52,106,534)

56,343,976

Other Assets in Excess of Liabilities - 10.0%

6,247,308

Total Net Assets - 100.0%$62,591,284

Percentages are stated as a percent of net assets.
(a)
(b)

(c)

(d)

Non-income producing security.
Fair value determined using significant unobservable inputs
in accordance with procedures established by and under thesupervision of the Adviser, acting through its Valuation Committee.
These securities represented $93,767 or 0.1% of net assets as of
October 31, 2023.
These securities are considered to be illiquid. The aggregate valueof these securities at October 31, 2023 was $0, which represents
0.00% of the Fund’s net assets.
The rate shown represents the 7-day effective yield as of
October 31, 2023.

The open futures contracts held by the Fund as of October 31, 2023
are as follows:

Description
S&P® 500
Index

Contracts
Sold

Expiration Date

(192) December 15, 2023 $Value /
Unrealized
Appreciation(Depreciation)

Notional
AmountNotional
Value(40,904,078) $(42,904,078)$

2,466,478

For the period ended October 31, 2023, the monthly average notional
value of the short equity futures contracts held was $(31,559,976) andthe ending notional value of the futures contracts was $(42,904,078)

6,375,332
Total Common Stocks(Cost $50,268,624)

54,506,066

The accompanying notes are an integral part of these financial statements.
Semi-Annual Report | October 31, 2023 

25

Cambria Value and Momentum ETFSchedule of Investments
October 31, 2023 (Unaudited)

Cambria Value and Momentum ETF(a)Level 1

Level 2

Level 3(b)Total

$1,059,777 $—$—$1,059,777

Investments:
Common Stocks
Communication
Services
Consumer
Discretionary

12,861,041——

12,861,041

Energy8,725,897——

8,725,897

Financials

9,889,452——

9,889,452

Health Care

2,159,584——

2,159,584

Industrials

9,293,040——

9,293,040

Information
Technology

4,141,943——

4,141,943

Materials

6,281,565—

93,767

6,375,332

Common Stocks - Total

54,412,299—

93,76754,506,066

1,837,910——

1,837,910

Short-Term Investments
Total Investments$56,250,209 $—$93,767 $56,343,976$2,466,478 $—$—$2,466,478$2,466,478 $—$—$2,466,478

Other Financial Instruments:
Long
Futures
Total Long
(a)

(b)

Refer to Note 2 in the Notes to Financial Statements for
additional information.
A reconciliation of Level 3 investments is presented when the Fundhas a significant amount of Level 3 investments at the beginning
and/or end of the period in relation to net assets. Management has
concluded that Level 3 investments are not material in relation to
net assets.

The accompanying notes are an integral part of these financial statements.
26www.cambriafunds.com

Cambria ETF TrustStatements of Assets and Liabilities
October 31, 2023 (Unaudited)

Cambria
Cannabis ETF

Cambria Emerging
Shareholder
Yield ETF

Cambria Foreign
Shareholder
Yield ETF

$9,160,670
10,15819,799—9,190,627$219,269,246
213,932
374,643
19,075
219,876,896$214,428,633
1,106,148
1,575,205—
217,109,986

3,399
—
—
—
3,399

100,359
295,603
273,51740,501
709,980

105,262—
342,906—
448,168$9,187,228$219,166,916$216,661,818

Paid-in capital
Total distributable (accumulated) earnings (losses)$35,693,505(26,506,277)$241,388,528(22,221,612)$237,364,824(20,703,006)

Net Assets$9,187,228$219,166,916$216,661,818

Outstanding shares of beneficial interest (Unlimited Authorization –No Par Value)
Net asset value, offering and redemption price per share

1,750,002$5.258,000,004$27.40

9,300,010$23.30

Unaffiliated investments at cost
Cost of foreign currency$28,426,690$10,195$234,553,706$216,697$227,155,906$1,112,638

Assets:Unaffiliated investments, at value
Foreign currency, at value
Dividends and interest receivable
Other assets
Total assets

Liabilities:
Payable due to investment adviser
Deferred foreign capital gains tax payable
Due to broker
Custodian fees payable
Total liabilities

Net Assets
Net Assets Consists of:

Net Asset Value

The accompanying notes are an integral part of these financial statements.
Semi-Annual Report | October 31, 2023 

27

Cambria ETF TrustStatements of Assets and Liabilities
October 31, 2023 (Unaudited)

Cambria Global
Asset Allocation
ETF

Cambria Global
Momentum ETF

Cambria Global
Real Estate ETF$30,089,023
18,876,226
—
2,606
—
22,09048,989,945$82,781,290
62,259,243
—
5,688
—
20,500145,066,721$20,666,949—
62,22752,765
2,009
1,008
20,783,950———

72,743—72,743

9,516
8
9,524

$48,989,945$144,993,978$20,774,426

Paid-in capital
Total distributable (accumulated) earnings (losses)$53,348,220(4,358,275)$164,159,012(19,165,034)$27,337,016(6,562,590)

Net Assets$48,989,945$144,993,978$20,774,426

Outstanding shares of beneficial interest (unlimited authorization ‐no par value)
Net asset value, offering and redemption price per share

1,900,001$25.785,500,001$26.36

950,002$21.87

Unaffiliated investments at cost
Affiliated investments at cost
Cost of foreign currency$34,383,542
19,796,348$—$81,727,736
64,658,712$—$23,565,557—$62,803

Assets:Unaffiliated investments, at value
Affiliated investments, at value
Foreign currency, at value
Dividends receivable, net
Interest receivable
Other assets
Total assets

Liabilities:
Payable due to investment adviser
Due to broker
Total liabilities

Net Assets
Net Assets Consists of:

Net Asset Value

The accompanying notes are an integral part of these financial statements.
28www.cambriafunds.com

Cambria ETF TrustStatements of Assets and Liabilities
October 31, 2023 (Unaudited)

Cambria Global Tail
Risk ETF

Cambria Global
Value ETF

Cambria
Shareholder
Yield ETF

$3,781,934
6,581—
21,96725,7283,836,210$99,849,769
329,979
645,490
14,961—
100,840,199$828,276,298—
334,021
193,377—
828,803,696

1,875
—
—
—
1,875

53,113234,952
14,5596,426
309,050

386,383—$3,834,335$100,531,149$828,417,313

Paid-in capital
Total distributable (accumulated) earnings (losses)$5,218,048(1,383,713)$144,787,700(44,256,551)$880,616,654(52,199,341)

Net Assets$3,834,335$100,531,149$828,417,313

Outstanding shares of beneficial interest (unlimited authorization ‐no par value)
Net asset value, offering and redemption price per share

200,000$19.17

5,250,010$19.15

14,050,000$58.96

Unaffiliated investments at cost
Cost of foreign currency$3,969,778$34,192$118,619,625$332,043$841,604,266$—Assets:Unaffiliated investments, at value
Foreign Currency, at value
Dividends receivable, net
Interest receivable
Cash at broker for options contracts
Total assets

Liabilities:
Payable due to investment adviser
Due to broker
Custodian fees
Other liabilities
Total liabilities

Net Assets—
386,383

Net Assets Consists of:

Net Asset Value

The accompanying notes are an integral part of these financial statements.
Semi-Annual Report | October 31, 2023 

29

Cambria ETF TrustStatements of Assets and Liabilities
October 31, 2023 (Unaudited)

Cambria Tail
Risk ETF

Cambria Trinity ETF

Cambria Value andMomentum ETF$115,396,715—
36,587,847—
2,142,902—
5,753,628
15,523
159,896,615$64,235,416
48,260,813
—
7,126
—
—
—
17,189112,520,544$56,343,976——
14,99915,8106,497,440——
62,872,225

37,531,365
79,477—
37,610,842

—
—
4,700
4,700

—
26,541
254,400
284,284$122,285,773$112,515,844$62,591,284

Paid-in capital
Total distributable (accumulated) earnings (losses)$294,693,058(172,407,285)$120,366,245(7,850,401)$79,497,423(16,906,139)

Net Assets$122,285,773$112,515,844$62,591,284

Outstanding shares of beneficial interest (unlimited authorization ‐no par value)
Net asset value, offering and redemption price per share

9,500,002$12.87

4,700,002$23.94

2,400,004$26.08

Unaffiliated investments at cost
Affiliated investments at cost$123,471,645—$67,755,673
50,470,501$52,106,534—

Assets:Unaffiliated investments, at value
Affiliated investments, at value
Cash and cash equivalents
Dividends receivable, net
Interest receivable
Deposits with broker for futures contracts
Deposit with broker for options contracts
Other assets
Total assets

Liabilities:
Payable for capital shares redeemed
Payable due to investment adviser
Due to broker
Total liabilities

Net Assets
Net Assets Consists of:

Net Asset Value

The accompanying notes are an integral part of these financial statements.
30www.cambriafunds.com

Cambria ETF TrustStatements of Operations
For the Six Months Ended October 31, 2023 (Unaudited)

Cambria Cannabis
ETF

Cambria Emerging
Shareholder Yield
ETF

Cambria Foreign
Shareholder Yield
ETF$171,927—
5,370
11,83824,140213,275$8,565,770(1,137,250)
55,7766,640
132,158
7,623,094$7,622,322(630,240)
36,76258,06593,013
7,179,922

30,688—30,688(8,842)
21,846
191,429

567,134
57,604
624,738—
624,738
6,998,356

607,707—607,707—607,7076,572,215(382,844)
4,289(1,658,087)(128,753)(1,933,670)
96,847(1,313,340)(1,599)(1,693,494)$(1,502,065)

7,464,034(11,898,511)(6,221,317)$777,039(12,708,989)(7,374)(14,553,186)$(7,980,971)

Investment Income:
Dividend income from unaffiliated investments
Less:  foreign taxes withheld
Interest income
Income from securities lending
Other income
Total investment income

Expenses:
Management fees
Custodian fees
Total expenses
Waiver of management fees
Net expenses

Net Investment income
Net Realized and Unrealized Gain (Loss) on Investments
and Foreign Currency:
Net realized gain (loss) from:
Unaffiliated investments
Foreign currency transactions
Net change in unrealized appreciation (depreciation) on:
Unaffiliated investments
Foreign currency translations
Net realized and unrealized gain (loss) on investments and foreign currency

Net Increase (Decrease) in Net Assets Resulting From Operations

The accompanying notes are an integral part of these financial statements.
Semi-Annual Report | October 31, 2023 

31

Cambria ETF TrustStatements of Operations
For the Six Months Ended October 31, 2023 (Unaudited)

Cambria Global
Asset
Allocation ETF

Cambria Global
Momentum ETF

Cambria Global
Real Estate ETF$446,412
635,644—
4,294
25,45012,083
1,123,883$1,482,556
2,350,231—
11,83891,95739,4693,976,051$705,519—(43,752)
4,330
490
6,523
673,110———
1,123,883

487,117487,117487,117
3,488,934

69,501   
69,501
69,501
603,609

315,410232,768—(1,728,035)(1,683,956)—(193,261)—(2,463)(2,037,540)(1,037,073)—(2,526,435)$(1,402,552)(2,580,556)(4,637,242)—(10,629,789)$(7,140,855)(1,900,043)—(395)(2,096,162)$(1,492,553)

Investment Income:
Dividend income from unaffiliated investments
Dividend income from affiliated investments
Less:  foreign taxes withheld
Interest income
Income from securities lending
Other income
Total investment income

Expenses:
Management Fees
Total expenses
Net expenses

Net Investment income
Realized and Unrealized Gain (Loss) on Investments
and Foreign Currency:
Net realized gain (loss) from:
Unaffiliated investments
Affiliated investments
Foreign currency transactions
Net change in unrealized appreciation (depreciation) on:
Unaffiliated investments
Affiliated investments
Foreign currency translations
Net realized and unrealized gain (loss) on investments and foreign currency

Net Decrease in Net Assets Resulting From Operations

The accompanying notes are an integral part of these financial statements.
32www.cambriafunds.com

Cambria ETF TrustStatements of Operations
For the Six Months Ended October 31, 2023 (Unaudited)

Cambria Global Tail
Risk ETF

Cambria Global
Value ETF

Cambria
Shareholder Yield
ETF$52,949—
25,539335
4,164
82,987$5,325,957(754,695)
34,44013,206
94,8184,713,726$9,744,060—
26,112
36,984
91,8989,899,054

12,247—
12,247
12,24770,740385,725
25,329411,054
411,054
4,302,672

2,314,108—
2,314,108
2,314,108
7,584,946(354,357)(1,771)(588,908)(51,364)(14,813,246)—

255,970(6,290)(106,448)$(35,708)(8,181,397)
6,166(8,815,503)$(4,512,831)

20,269,022
6
5,455,782$13,040,728

Investment Income:
Dividend income from unaffiliatedLess:  foreign taxes withheld
Interest income
Income from securities lending
Other income
Total investment income

Expenses:
Management Fees
Custodian fees
Total expenses
Net expenses

Net Investment income
Realized and Unrealized Gain (Loss) on Investments
and Foreign Currency:
Net realized gain (loss) from:
Unaffiliated investments
Foreign currency transactions
Net change in unrealized appreciation (depreciation) on:
Unaffiliated investments
Foreign currency translations
Net realized and unrealized gain (loss) on investments and foreign currency

Net Increase (Decrease) in Net Assets Resulting From Operations

The accompanying notes are an integral part of these financial statements.
Semi-Annual Report | October 31, 2023 

33

Cambria ETF TrustStatements of Operations
For the Six Months Ended October 31, 2023 (Unaudited)

Cambria Tail
Risk ETF

Cambria Trinity ETF

Cambria Value andMomentum ETF$——3,376,619—
81,0073,457,626$923,284
1,646,883
13,93017,62548,7882,650,510$439,560
—
6,023
—
3,475
449,058

539,367
539,367
539,367
2,918,259———
2,650,510

174,260
174,260
174,260
274,798(24,337,048)——(683,987)(689,836)—(1,066,921)—(3,231,426)

1,033,236——(23,303,812)$(20,385,553)(2,295,253)(1,551,745)—(5,220,821)$(2,570,311)

4,183,639—
3,687,521
3,572,813$3,847,611

Investment Income:
Dividend income from unaffiliated investments
Dividend income from affiliated investments
Interest income
Income from securities lending
Other income
Total investment income

Expenses:
Management fees
Total expenses
Net expenses

Net Investment income
Realized and Unrealized Gain (Loss) on Investments
and Foreign Currency:
Net realized gain (loss) from:
Unaffiliated investments
Affiliated investments
Futures contracts
Net change in unrealized appreciation (depreciation) on:
Unaffiliated investments
Affiliated investments
Futures contracts
Net realized and unrealized gain (loss) on investments and foreign currency

Net Increase (Decrease) in Net Assets Resulting From Operations

The accompanying notes are an integral part of these financial statements.
34www.cambriafunds.com

Cambria ETF TrustStatements of Changes in Net Assets

Cambria
Cannabis ETF
Period Ended
October 31, 2023
Year Ended(Unaudited)
April 30, 2023

Cambria
Emerging Shareholder Yield ETF
Period Ended
October 31, 2023
Year Ended(Unaudited)
April 30, 2023

$191,429(378,555)$459,704(5,369,724)$6,998,356(1,786,840)$7,748,342(4,093,037)(1,314,939)(1,502,065)(1,820,598)(6,730,618)(4,434,477)
777,039705,005
4,360,310(198,565)(415,452)(9,685,701)(7,385,645)—(300,688)—

1,144,071(2,589,495)—

52,056,284—
44,06887,812,440(2,492,086)—(300,688)(2,001,318)(1,445,424)(8,591,494)

52,100,352
43,191,690

85,320,354
82,295,019

11,188,546$9,187,228

19,780,040$11,188,546

175,975,226$219,166,916

93,680,207$175,975,226—(50,000)

100,000(150,000)

1,850,000—

3,150,000(100,000)(50,000)(50,000)

1,850,000

3,050,000

Operations:
Net investment income
Net realized gain (loss) from investments and foreign currency
Net change in unrealized appreciation (depreciation) on
investments and translation of assets and liabilities inforeign currencies
Net increase/(decrease) in net assets from operations

Distributions to Shareholders:
Net distributions to shareholders

Capital Transactions:IssuedRedeemed
Variable fees
Net increase (decrease) in net assets from
capital share transactions
Total net increase (decrease) in net assets

Net Assets:
Beginning of the period/year
End of the period/year

Share Transactions
IssuedRedeemed
Net increase (decrease) in shares outstanding fromshare transactions

The accompanying notes are an integral part of these financial statements.
Semi-Annual Report | October 31, 2023 

35

Cambria ETF TrustStatements of Changes in Net Assets

Cambria
Foreign Shareholder Yield ETF
Period Ended
October 31, 2023
Year Ended(Unaudited)
April 30, 2023

Cambria
Global Asset Allocation ETF
Period Ended
October 31, 2023
Year Ended(Unaudited)
April 30, 2023

$6,572,215(1,836,823)$6,610,333(3,444,366)$1,123,883
548,178$1,881,940
147,886(12,716,363)(7,980,971)

1,928,741
5,094,708(3,074,613)(1,402,552)(2,859,609)(829,783)(8,167,912)(5,789,832)(836,219)(2,092,946)

63,024,481(17,868,111)
45,156,370
29,007,487

121,594,482——
120,899,358

3,963,886(4,006,907)(43,021)(2,281,792)

9,647,654(1,386,118)
8,261,536
5,338,807

187,654,331$216,661,818

66,754,973$187,654,331

51,271,737$48,989,945

45,932,930$51,271,737

2,600,000(750,000)

4,900,000—

150,000(150,000)

350,000(50,000)

1,850,000

4,900,000—

300,000

Operations:
Net investment income
Net realized gain (loss) from investments and foreign currency
Net change in unrealized appreciation (depreciation) on
investments and translation of assets and liabilities inforeign currencies
Net increase/(decrease) in net assets from operations

Distributions to Shareholders:
Net distributions to shareholders

Capital Transactions:IssuedRedeemed
Net increase in net assets from capital transactions
Total increase in net assets

Net Assets:
Beginning of the period/year
End of the period/year

Share Transactions
IssuedRedeemed
Net increase (decrease) in shares outstanding fromshare transactions

The accompanying notes are an integral part of these financial statements.
36www.cambriafunds.com

Cambria ETF TrustStatements of Changes in Net Assets

Cambria
Global Momentum ETF
Period Ended
October 31, 2023
Year Ended(Unaudited)
April 30, 2023

Cambria
Global Real Estate ETF
Period Ended
October 31, 2023
Year Ended(Unaudited)
April 30, 2023

$3,488,934(3,411,991)$3,365,641(12,035,915)$603,609(195,724)$917,571(2,748,431)(7,217,798)(7,140,855)(1,852,719)(10,522,993)(1,900,438)(1,492,553)(1,246,481)(3,077,341)(2,268,784)(3,308,682)(896,322)(783,635)—(23,548,746)(23,548,746)(32,958,385)

134,679,294(24,457,816)
110,221,478
96,389,803

1,197,842(3,705,397)(2,507,555)(4,896,430)

14,885,328(9,162,043)
5,723,285
1,862,309

177,952,363$144,993,97881,562,560$177,952,363

25,670,856$20,774,426

23,808,547$25,670,856—(850,000)

4,600,000(850,000)

50,000(150,000)

600,000(350,000)(850,000)

3,750,000(100,000)

250,000

Operations:
Net investment income
Net realized gain (loss) from investments and foreign currency
Net change in unrealized (depreciation) on investments andtranslation of assets and liabilities in foreign currencies
Net (decrease) in net assets from operations

Distributions to Shareholders:
Net distributions to shareholders

Capital Transactions:IssuedRedeemed
Net increase (decrease) in net assets from capital transactions
Total increase (decrease) in net assets

Net Assets:
Beginning of the period/year
End of the period/year

Share Transactions
IssuedRedeemed
Net increase (decrease) in shares outstanding fromshare transactions

The accompanying notes are an integral part of these financial statements.
Semi-Annual Report | October 31, 2023 

37

Cambria ETF TrustStatements of Changes in Net Assets

Cambria
Global Tail Risk ETF
Period Ended
October 31, 2023
Year Ended(Unaudited)
April 30, 2023

Cambria
Global Value ETF
Period Ended
October 31, 2023
Year Ended(Unaudited)
April 30, 2023

$70,740(356,124)$104,943(974,611)$4,302,672(640,272)$5,746,579
3,279,818

249,676(35,708)

366,834(502,834)(8,175,231)(4,512,831)

790,033
9,816,430(59,803)—(6,249,975)(5,123,088)————(95,511)3,304,059(3,227,221)—
76,838(425,996)

1,210(26,691,497)
5,866(26,684,421)(37,447,227)

45,063,719(14,165,016)—
30,898,703
35,592,045

3,929,846$3,834,335

4,355,842$3,929,846

137,978,376$100,531,149

102,386,331$137,978,376——

150,000(150,000)(1,350,000)(50,000)

2,400,000(750,000)——(1,400,000)

1,650,000

Operations:
Net investment income
Net realized gain (loss) from investments and foreign currency
Net change in unrealized appreciation (depreciation) on
investments and translation of assets and liabilities inforeign currencies
Net (decrease) in net assets from operations

Distributions to Shareholders:
Net distributions to shareholders

Capital Transactions:IssuedRedeemed
Variable fees
Net increase (decrease) in net assets from capital transactions
Total decrease in net assets

Net Assets:
Beginning of the period/year
End of the period/year

Share Transactions
IssuedRedeemed
Net increase (decrease) in shares outstanding fromshare transactions

The accompanying notes are an integral part of these financial statements.
38www.cambriafunds.com

Cambria ETF TrustStatements of Changes in Net Assets

Cambria
Shareholder Yield ETF
Period Ended
October 31, 2023
Year Ended(Unaudited)
April 30, 2023

Cambria
Tail Risk ETF
Period Ended
October 31, 2023
Year Ended(Unaudited)
April 30, 2023

$7,584,946(14,813,246)$15,537,282(11,730,307)$2,918,259(24,337,048)$6,158,275(71,798,664)

20,269,028
13,040,728(22,392,723)(18,585,748)

1,033,236(20,385,553)

21,443,374(44,197,015)(7,728,633)(18,508,788)(3,063,258)(5,934,009)

122,235,427(17,184,217)
105,051,210
110,363,305

322,449,091(81,834,941)
240,614,150
203,519,614

14,342,771(92,980,007)(78,637,236)(102,086,047)

287,583,821(417,503,209)(129,919,388)(180,050,412)

718,054,008$828,417,313

514,534,394$718,054,008

224,371,820$122,285,773

404,422,232$224,371,820

2,000,000(300,000)

5,300,000(1,400,000)

1,050,000(6,900,000)

17,600,000(26,150,000)

1,700,000

3,900,000(5,850,000)(8,550,000)

Operations:
Net investment income
Net realized gain (loss) from investments and foreign currency
Net change in unrealized appreciation (depreciation) on
investments and translation of assets and liabilities inforeign currencies
Net increase/(decrease) in net assets from operations

Distributions to Shareholders:
Net distributions to shareholders

Capital Transactions:IssuedRedeemed
Net increase in net assets from capital transactions
Total increase in net assets

Net Assets:
Beginning of the period/year
End of the period/year

Share Transactions
IssuedRedeemed
Net increase (decrease) in shares outstanding fromshare transactions

The accompanying notes are an integral part of these financial statements.
Semi-Annual Report | October 31, 2023 

39

Cambria ETF TrustStatements of Changes in Net Assets

Cambria
Trinity ETF
Period Ended
October 31, 2023
Year Ended(Unaudited)
April 30, 2023

Cambria
Value and Momentum ETF
Period Ended
October 31, 2023
Year Ended(Unaudited)
April 30, 2023

$2,650,510(1,373,823)$3,265,308(259,452)$274,798(4,298,347)$1,773,188(4,526,032)(3,846,998)(2,570,311)(4,059,410)(1,053,554)

7,871,160
3,847,611(5,164,142)(7,916,986)(1,851,485)(4,077,927)(302,319)(1,755,804)

2,809,493(4,971,685)(2,162,192)(6,583,988)

81,891,017(8,617,238)
73,273,779
68,142,298

10,412,080(15,402,443)(4,990,363)(1,445,071)

110,716,425(68,475,916)
42,240,509
32,567,719

119,099,832$112,515,844

50,957,534$119,099,832

64,036,355$62,591,284

31,468,636$64,036,355

50,000(150,000)

3,250,000(350,000)

400,000(600,000)

4,100,000(2,700,000)(100,000)

2,900,000(200,000)

1,400,000

Operations:
Net investment income
Net realized gain (loss) from investments and foreign currency
Net change in unrealized appreciation (depreciation) on
investments and translation of assets and liabilities inforeign currencies
Net (decrease) in net assets from operations

Distributions to Shareholders:
Net distributions to shareholders

Capital Transactions:IssuedRedeemed
Net decrease in net assets from capital transactions
Total decrease in net assets

Net Assets:
Beginning of the period/year
End of the period/year

Share Transactions
IssuedRedeemed
Net increase (decrease) in shares outstanding fromshare transactions

The accompanying notes are an integral part of these financial statements.
40www.cambriafunds.com

Cambria Cannabis ETFFinancial Highlights
For a Share Outstanding Throughout the Periods Presented

Period Ended
October 31, 2023
(Unaudited)

Net Asset Value, Beginning of Period/Year
Income/(Loss) from Investment Operations:
Net Investment Income(b)Net Realized and Unrealized Gain (Loss) on Investments
Total from Operations

Year Ended April 30,
2022
2021
$18.86$11.30

Period Ended
April 30, 2020(a)$6.222023$9.890.11(0.97)(0.86)

0.24(3.69)(3.45)

0.25(8.87)(8.62)

0.47
7.63
8.10

0.70
(13.87)(13.17)(0.11)—(0.11)(0.22)—(0.22)(0.35)—(0.35)(0.54)—(0.54)(0.52)(0.01)(0.53)$5.25$6.22$9.89$18.86$11.30$25.00

Distributions:
Distributions from Net Investment Income
Distributions from Net Realized Gains
Total Distributions

Net Asset Value, End of Period/YearTotal Return(13.97)%(c)(35.04)%(46.49)%73.84%(53.04)%(c)Ratios and Supplemental Data
Net Assets, End of Period/Year (in 000s)
Ratio of Expenses to Average Net Assets, Including Waivers
Ratio of Expenses to Average Net Assets,
Excluding Waivers
Ratio of Net Investment Income/(Loss) to Average
Net Assets

Portfolio Turnover
(a)
(b)
(c)
(d)
(e)

$9,187$11,189$19,780$38,671$9,038

0.42%(d)

0.42%

0.42%

0.42%

0.42%(d)0.59%(d)

0.59%

0.59%

0.59%

0.59%(d)3.51%(d)

3.17%

1.80%

2.94%

6.20%(d)

0%

23%

46%

8%

4%(c)

(e)

(c)

Inception date July 24, 2019.
Per share data calculated using the average shares method.
Not annualized.
Annualized.
Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions.

The accompanying notes are an integral part of these financial statements.
Semi-Annual Report | October 31, 2023 

41

Cambria Emerging Shareholder Yield ETFFinancial Highlights
For a Share Outstanding Throughout the Periods Presented

Period Ended
October 31, 2023
(Unaudited)

Net Asset Value, Beginning of Period/Year
Income/(Loss) from Investment Operations:
Net Investment Income(a)Net Realized and Unrealized Gain (Loss)on Investments
Total from Operations

Year Ended April 30,
2021
2020
$24.97$31.38$28.612023$30.222022$39.132019$35.83

1.04

1.77

1.81

1.27

1.30

1.29

(0.76)
0.28(1.44)
0.33(8.01)(6.20)

14.04
15.31

(6.35)(5.05)(3.58)(2.29)(1.49)—(1.49)(1.57)(0.37)(1.94)(2.16)(0.55)(2.71)(1.15)—(1.15)(1.36)—(1.36)(1.05)(1.11)(2.16)$27.40$28.61$30.22$39.13$24.97$31.38

Distributions:
Distributions from Net Investment Income
Distributions from Net Realized Gains
Total Distributions

Net Asset Value, End of Period/YearTotal Return

0.89%(b)1.64%(16.81)%63.04%(16.89)%(5.80)%

Ratios and Supplemental Data
Net Assets, End of Period/Year (in 000s)
Ratio of Expenses to Average Net Assets
Ratio of Net Investment Income (Loss) to
Average Net Assets

Portfolio Turnover
(a)
(b)
(c)
(d)

(d)

$8,000$175,975$93,680$62,614$28,713$20,395

0.64%(c)

0.66%

0.64%

0.65%

0.69%

0.66%

7.29%(c)14%(b)

6.49%

5.14%

4.00%

4.38%

4.09%

43%

45%

29%

81%

115%

Per share data calculated using the average shares method.
Not annualized.
Annualized.
Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions.

The accompanying notes are an integral part of these financial statements.
42www.cambriafunds.com

Cambria Foreign Shareholder Yield ETFFinancial Highlights
For a Share Outstanding Throughout the Periods Presented

Period Ended
October 31, 2023
(Unaudited)

Net Asset Value, Beginning of Year/Period
Income/(Loss) from Investment Operations:
Net Investment Income(a)Net Realized and Unrealized Gain (Loss)on Investments
Total from Operations

Year Ended April 30,
2021
2020
$17.86$23.56$25.192023$26.182022$27.652019$26.58

0.78

1.54

1.28

0.75

0.90

1.06

(1.61)(0.83)(1.01)
0.53(1.32)(0.04)

9.86
10.61(5.60)(4.70)(2.79)(1.73)(1.06)(1.06)(1.52)(1.52)(1.43)(1.43)(0.82)(0.82)(1.00)(1.00)(1.29)(1.29)$23.30$25.19$26.18$27.65$17.86$23.56

Distributions:
Distributions from Net Investment Income
Total Distributions

Net Asset Value, End of Year/Period
Total Return(3.40)%(b)2.72%(0.31)%

60.72%(20.47)%(6.34)%

Ratios and Supplemental Data
Net Assets, End of Year/Period (in 000s)
Ratio of Expenses to Average Net Assets
Ratio of Net Investment Income/(Loss) to
Average Net Assets

Portfolio Turnover
(a)
(b)
(c)
(d)

(d)

$216,662$187,654$66,755$30,416$17,862$27,095

0.59%(c)

0.59%

0.59%

0.59%

0.59%

0.59%

6.39%(c)24%(b)

6.56%

4.68%

3.29%

4.04%

4.32%

34%

63%

59%

47%

53%

Per share data calculated using the average shares method.
Not annualized.
Annualized.
Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions.

The accompanying notes are an integral part of these financial statements.
Semi-Annual Report | October 31, 2023 

43

Cambria Global Asset Allocation ETFFinancial Highlights
For a Share Outstanding Throughout the Periods Presented

Period Ended
October 31, 2023
(Unaudited)

Net Asset Value, Beginning of Period/Year
Income/(Loss) from Investment Operations:
Net Investment Income(a)Net Realized and Unrealized Gain (Loss)on Investments
Total from Operations

Year Ended April 30,
2021
2020
$24.36$26.82$26.992023$28.712022$31.552019$27.38

0.60

1.11

1.99

0.58

0.86

0.75

(1.36)(0.76)(1.61)(0.50)(2.85)(0.86)

7.33
7.91(2.36)(1.50)(0.53)
0.22(0.45)—(0.45)(1.07)(0.15)(1.22)(1.98)—(1.98)(0.72)—(0.72)(0.85)(0.11)(0.96)(0.77)(0.01)(0.78)$25.78$26.99$28.71$31.55$24.36$26.82

Distributions:
Distributions from Net Investment Income
Distributions from Net Realized Gains
Total Distributions

Net Asset Value, End of Period/YearTotal Return(2.83)%(b)(1.58)%(3.01)%

33.00%(5.87)%

0.91%

Ratios and Supplemental Data
Net Assets, End of Period/Year (in 000s)
Ratio of Expenses to Average Net Assets(c)Ratio of Net Investment Income/(Loss) to
Average Net Assets(f)Portfolio Turnover
(a)
(b)
(c)
(d)
(e)
(f)

(g)
(h)

(g)

$48,990$51,272$45,933$52,061$49,930$64,368

0.00%(d)(e)0.00%(e)0.00%(e)0.00%(e)0.00%(e)0.00%(e)4.50%(d)

4.08%

6.36%

2.07%

3.24%

2.85%

5%(b)

0%(h)

8%

20%

9%

2%

Per share data calculated using the average shares method.
Not annualized.
Expense ratios do not include expenses of the underlying funds.
Annualized.
Does not round to 0.01%.
Recognition of net investment income by the Fund is affected by the timing of declarations of dividends by the underling investment companies inwhich the Fund invests. The ratio does not include net investment income of the underlying investment companies in which the Fund invests.
Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions.
Does not round to 1%.

The accompanying notes are an integral part of these financial statements.
44www.cambriafunds.com

Cambria Global Momentum ETFFinancial Highlights
For a Share Outstanding Throughout the Periods Presented

Period Ended
October 31, 2023
(Unaudited)

Net Asset Value, Beginning of Period/Year
Income/(Loss) from Investment Operations:
Net Investment Income(a)Net Realized and Unrealized Gain (Loss)on Investments
Total from Operations

Year Ended April 30,
2021
2020
$23.07$25.09$28.022023$31.372022$29.732019$27.39

0.59

0.65

1.28

0.29

0.56

0.62

(1.88)(1.29)(3.42)(2.77)

1.68
2.96

6.69
6.98

(2.02)(1.46)(2.33)(1.71)(0.37)—(0.37)(0.58)—(0.58)(1.25)(0.07)(1.32)(0.30)(0.02)(0.32)(0.54)(0.02)(0.56)(0.59)—(0.59)$26.36$28.02$31.37$29.73$23.07$25.09

Distributions:
Distributions from Net Investment Income
Distributions from Net Realized Gains
Total Distributions

Net Asset Value, End of Period/YearTotal Return(4.64)%(b)(8.81)%

10.19%

30.49%(6.02)%(6.23)%

Ratios and Supplemental Data
Net Assets, End of Period/Year (in 000s)
Ratio of Expenses to Average Net Assets(c)Ratio of Net Investment Income (Loss) to
Average Net Assets(d)Portfolio Turnover
(a)
(b)
(c)
(d)
(e)

(f)

(f)

$144,994$177,952$81,563$62,434$78,449$129,199

0.59%(d)

0.59%

0.59%

0.59%

0.59%

0.59%

4.22%(d)

2.25%

4.19%

1.13%

2.25%

2.39%

72%(b)

307%

69%

115%

251%

204%

Per share data calculated using the average shares method.
Not annualized.
Expense ratios do not include expenses of the underlying funds.
Annualized.
Recognition of net investment income by the Fund is affected by the timing of declarations of dividends by the underling investment companies inwhich the Fund invests. The ratio does not include net investment income of the underlying investment companies in which the Fund invests.
Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions.

The accompanying notes are an integral part of these financial statements.
Semi-Annual Report | October 31, 2023 

45

Cambria Global Real Estate ETFFinancial Highlights
For a Share Outstanding Throughout the Periods Presented

Period Ended
October 31, 2023
(Unaudited)

Net Asset Value, Beginning of Period/Year
Income/(Loss) from Investment Operations:
Net Investment Income(b)Net Realized and Unrealized Gain (Loss) on Investments
Total from Operations$24.45

Year Ended April 30,
2023
2022
$29.76$31.66

Period Ended
April 30, 2019(a)$25.00

0.62(2.26)(1.64)

1.12(5.44)(4.32)

0.56
0.99(c)
1.55

0.56
6.51
7.07

(0.94)—(0.94)(0.99)——(0.99)(2.76)(0.49)(0.20)(3.45)(0.41)——(0.41)$21.87$24.45$29.76$31.66

Distributions:
Distributions from Net Investment Income
Distributions from Net Realized Gains
Return of Capital
Total Distributions

Net Asset Value, End of Period/YearTotal Return(6.93)%(d)(14.47)%4.70%

28.40%(d)Ratios and Supplemental Data
Net Assets, End of Period/Year (in 000s)
Ratio of Expenses to Average Net Assets
Ratio of Net Investment Income (Loss) to Average Net Assets

Portfolio Turnover(f)
(a)
(b)
(c)

(d)
(e)
(f)

$20,774
0.59%(c)5.12%(c)23%(d)$25,671
0.59%
4.29%
94%

$23,809
0.59%
3.00%
120%

$14,245
0.59%(c)3.19%(c)
51%(d)

Inception date September 23, 2020.
Per share data calculated using the average shares method.
Realized and unrealized gains (losses) per share in this caption are balancing amounts necessary to reconcile the change in net asset value forthe period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.
Not annualized.
Annualized.
Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions.

The accompanying notes are an integral part of these financial statements.
46www.cambriafunds.com

Cambria Global Tail Risk ETFFinancial Highlights
For a Share Outstanding Throughout the Periods Presented

Period Ended
October 31, 2023
(Unaudited)2022$23.67

0.35

0.46

0.71

0.94

1.18

1.18

(0.65)(0.30)(2.59)(c)(2.13)(2.60)(1.89)(0.69)(c)0.25(1.36)(0.18)(2.70)(1.52)(0.18)———(0.18)

—

—
—
—
—

—
—
(0.15)(0.15)(0.96)(0.12)—(1.08)(1.09)(0.13)—(1.22)$19.17$19.65$21.78$23.67$23.57$24.83

Net Asset Value, Beginning of Period/Year $19.65
Income/(Loss) from Investment Operations:
Net Investment Income(b)Net Realized and Unrealized Gain (Loss)on Investments
Total from Operations

Year Ended April 30,
2021(a)2020$23.57 $24.83

2023$21.782019$27.57

Distributions:
Distributions from Net Investment Income
Distributions from Net Realized Gains
Return of Capital
Total Distributions

Net Asset Value, End of Period/YearTotal Return(0.87)%(d)(9.78)%(7.98)%

1.03%(1.00)%(5.44)%

Ratios and Supplemental Data
Net Assets, End of Period/Year (in 000s)
Ratio of Expenses to Average Net Assets
Ratio of Net Investment Income (Loss) to
Average Net Assets

Portfolio Turnover
(a)
(b)
(c)

(d)
(e)
(g)

(d)

$3,834$3,930$4,356$7,102$22,388$18,623

0.64%(e)

0.59%

0.59%

0.59%

0.59%

0.59%

3.69%(e)
0%(d)

2.20%

3.18%

3.71%

4.72%

4.69%

62%

1%

53%

36%

37%

Prior to March 15, 2021, the Cambria Global Tail Risk ETF was known as the Cambria Sovereign Bond ETF.
Per share data calculated using the average shares method.
The amount shown for a share outstanding throughout the period does not accord with the aggregate net gains of investments for the period
because of the sales and repurchases of the fund shares in relation to fluctuating market value of the investments of the fund.
Not annualized.
Annualized.
Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions.

The accompanying notes are an integral part of these financial statements.
Semi-Annual Report | October 31, 2023 

47

Cambria Global Value ETFFinancial Highlights
For a Share Outstanding Throughout the Periods Presented

Period Ended
October 31, 2023
(Unaudited)

Net Asset Value, Beginning of Period/Year
Income/(Loss) from Investment Operations:
Net Investment Income(a)Net Realized and Unrealized Gain (Loss)on Investments
Total from Operations

Year Ended April 30,
2021
2020
$16.37$23.37$20.752023$20.482022$22.962019$26.05

0.67

1.03

0.96

0.53

0.62

0.64

(1.32)(0.65)

0.24
1.27(2.60)(1.64)

6.44
6.97(6.91)(6.29)(2.33)(1.69)(0.95)—(0.95)(1.00)—(1.00)(0.84)—(0.84)(0.38)—(0.38)(0.71)—(0.71)(0.61)(0.38)(0.99)$19.15$20.75$20.48$22.96$16.37$23.37

Distributions:
Distributions from Net Investment Income
Distributions from Net Realized Gains
Total Distributions

Net Asset Value, End of Period/YearTotal Return(3.28)%(b)6.97%(7.47)%

43.20%(27.71)%(6.24)%

Ratios and Supplemental Data
Net Assets, End of Period/Year (in 000s)
Ratio of Expenses to Average Net Assets
Ratio of Net Investment Income (Loss) to
Average Net Assets

Portfolio Turnover(d)
(a)
(b)
(c)
(d)

$100,531$137,978$102,386$122,851$96,587$158,894

0.63%(c)

0.67%

0.66%

0.66%

0.65%

0.69%

6.59%(c)
0%(b)

5.48%

4.19%

2.75%

2.84%

2.74%

94%

3%

14%

25%

20%

Per share data calculated using the average shares method.
Not annualized.
Annualized.
Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions.

The accompanying notes are an integral part of these financial statements.
48www.cambriafunds.com

Cambria Shareholder Yield ETFFinancial Highlights
For a Share Outstanding Throughout the Periods Presented

Period Ended
October 31, 2023
(Unaudited)

Net Asset Value, Beginning of Year/Period
Income/(Loss) from Investment Operations:
Net Investment Income(a)Net Realized and Unrealized Gain (Loss)on Investments
Total from Operations

Year Ended April 30,
2021
2020
$29.82$37.47$58.142023$60.892022$62.482019$37.98

0.59

1.48

1.17

0.88

0.86

0.79

0.83
1.42

(2.54)(1.06)(1.27)(0.10)

32.60
33.48

(7.66)(6.80)(0.40)
0.39(0.60)—(0.60)(1.40)(0.29)(1.69)(1.23)(0.26)(1.49)(0.82)—(0.82)(0.85)—(0.85)(0.90)—(0.90)$58.96$58.14$60.89$62.48$29.82$37.47

Distributions:
Distributions from Net Investment Income
Distributions from Net Realized Gains
Total Distributions

Net Asset Value, End of Year/Period
Total Return

2.43%(b)(1.59)%(0.21)%

113.92%(18.43)%

1.10%

Ratios and Supplemental Data
Net Assets, End of Year/Period (in 000s)
Ratio of Expenses to Average Net Assets
Ratio of Net Investment Income/(Loss) to
Average Net Assets

Portfolio Turnover
(a)
(b)
(c)
(d)

(d)

$828,417$718,054$514,534$278,023$61,127$112,414

0.59%(c)

0.59%

0.59%

0.59%

0.59%

0.59%

1.94%(c)16%(b)

2.42%

1.85%

1.95%

2.40%

2.13%

41%

51%

37%

30%

28%

Per share data calculated using the average shares method.
Not annualized.
Annualized.
Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions.

The accompanying notes are an integral part of these financial statements.
Semi-Annual Report | October 31, 2023 

49

Cambria Tail Risk ETFFinancial Highlights
For a Share Outstanding Throughout the Periods Presented

Period Ended
October 31, 2023
(Unaudited)

Net Asset Value, Beginning of Period/Year
Income/(Loss) from Investment Operations:
Net Investment Income(a)Net Realized and Unrealized Gain (Loss)on Investments
Total from Operations

Year Ended April 30,$14.622023$16.922022$18.742021$22.652020$19.872019$21.58

0.22

0.29

0.13

0.04

0.27

0.39

(1.73)(1.51)(2.27)(c)(1.98)(1.84)(1.71)(3.92)(3.88)

2.77
3.04(1.73)(1.34)(0.24)(0.24)(0.32)(0.32)(0.11)(0.11)(0.03)(0.03)(0.26)(0.26)(0.37)(0.37)$12.87$14.62$16.92$18.74$22.65$19.87

Distributions:
Distributions from Net Investment Income
Total Distributions

Net Asset Value, End of Period/YearTotal Return(10.37)%(b)(11.86)%(9.14)%(17.13)%15.47%(6.31)%

Ratios and Supplemental Data
Net Assets, End of Period/Year (in 000s)
Ratio of Expenses to Average Net Assets
Ratio of Net Investment Income (Loss) to
Average Net Assets

Portfolio Turnover
(a)
(b)
(c)
(d)

(d)

$122,286$224,372$404,422$281,995$132,488$37,745

0.59%(c)

0.59%

0.59%

0.59%

0.59%

0.59%

3.19%(c)10%(b)

1.80%

0.69%

0.18%

1.31%

1.89%

129%

60%

155%

19%

56%

Per share data calculated using the average shares method.
Not annualized.
Annualized.
Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions.

The accompanying notes are an integral part of these financial statements.
50www.cambriafunds.com

Cambria Trinity ETFFinancial Highlights
For a Share Outstanding Throughout the Periods Presented

Period Ended
October 31, 2023
(Unaudited)

Period Ended
April 30, 2019(a)2023$26.822022$27.362021$21.322020$24.22

0.55

0.89

1.59

0.42

0.65

0.39

(1.04)(0.49)(1.96)(1.07)(0.51)
1.08

6.07
6.49

(2.91)(2.26)(0.83)(0.44)(0.38)—(0.38)(0.64)(0.30)(0.94)(1.60)(0.02)(1.62)(0.45)—(0.45)(0.62)(0.02)(0.64)(0.34)—(0.34)$23.94$24.81$26.82$27.36$21.32$24.22

Net Asset Value, Beginning of Period/Year $24.81
Income/(Loss) from Investment Operations:
Net Investment Income(b)Net Realized and Unrealized Gain (Loss)on Investments
Total from Operations

Year Ended April 30,$25.00

Distributions:
Distributions from Net Investment Income
Distributions from Net Realized Gains
Total Distributions

Net Asset Value, End of Period/YearTotal Return(1.99)%(c)(3.99)%

3.98%

30.81%(9.57)%(1.71)%

Ratios and Supplemental Data
Net Assets, End of Period/Year (in 000s)
Ratio of Expenses to Average Net Assets(d)Ratio of Net Investment Income (Loss) to
Average Net Assets(g)Portfolio Turnover
(a)
(b)
(c)
(d)
(e)
(f)
(g)

(h)
(i)

(h)

$112,516$119,100$50,958$43,778$37,309$30,280

0.00%(e)(f)0.00%(e)(f)0.00%(e)(f)0.00%(e)(f)0.00%(e)(f)0.00%(e)(f)4.45%(e)

3.54%

5.78%

1.77%

2.74%

2.55%(e)

27%

102%

26%

50%

88%

0%(i)

(c)

Inception date September 7, 2018.
Per share data calculated using the average shares method.
Not annualized.
Expense ratios do not include expenses of the underlying funds.
Annualized.
Does not round to 0.01%.
Recognition of net investment income by the Fund is affected by the timing of declarations of dividends by the underling investment companies inwhich the Fund invests. The ratio does not include net investment income of the underlying investment companies in which the Fund invests.
Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions.
Does not round to 1%.

The accompanying notes are an integral part of these financial statements.
Semi-Annual Report | October 31, 2023 

51

Cambria Value and Momentum ETFFinancial Highlights
For a Share Outstanding Throughout the Periods Presented

Period Ended
October 31, 2023
(Unaudited)

Net Asset Value, Beginning of Period/Year
Income/(Loss) from Investment Operations:
Net Investment Income(a)Net Realized and Unrealized Gain (Loss)on Investments
Total from Operations

Year Ended April 30,
2021
2020
$16.64$20.83$24.632023$26.222022$23.212019$25.09

0.12

0.54

0.25

0.14

0.18

0.21

1.46
1.58

(1.66)(1.12)

3.02
3.27

6.63
6.77

(4.17)(3.99)(4.23)(4.02)(0.13)(0.13)(0.47)(0.47)(0.26)(0.26)(0.20)(0.20)(0.20)(0.20)(0.24)(0.24)$26.08$24.63$26.22$23.21$16.64$20.83

Distributions:
Distributions from Net Investment Income
Total Distributions

Net Asset Value, End of Period/YearTotal Return

6.44%(b)(4.34)%

14.17%

41.05%(19.32)%(16.10)%

Ratios and Supplemental Data
Net Assets, End of Period/Year (in 000s)
Ratio of Expenses to Average Net Assets
Ratio of Net Investment Income (Loss) to
Average Net Assets

Portfolio Turnover
(a)
(b)
(c)
(d)
(e)
(f)
(g)

(g)

$2,400$64,036$31,469$18,567$10,818$19,790

0.61%(c)(d)0.61%(d)0.59%

0.61%(d)0.63%(e)0.64%(f)0.94%(c)

2.00%

1.02%

0.70%

0.92%

0.86%

31%(b)

71%

78%

97%

76%

89%

Per share data calculated using the average shares method.
Not annualized.
Annualized.
Includes broker expense of 0.02%.
Includes broker expense of 0.04%.
Includes broker expense of 0.05%.
Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions.

The accompanying notes are an integral part of these financial statements.
52www.cambriafunds.com

Cambria ETF Trust

Notes to Financial Statements
October 31, 2023 (Unaudited)

1. ORGANIZATION
Cambria ETF Trust (the “Trust”), a Delaware statutory trust, was formed on September 9, 2011 as an open-end registered management investmentcompany under the Investment Company Act of 1940, as amended (the “1940 Act”). The Trust is comprised of multiple exchange traded funds(“ETFs”). These financial statements relate only to Cambria Cannabis ETF, Cambria Emerging Shareholder Yield ETF, Cambria Foreign Shareholder
Yield ETF, Cambria Global Asset Allocation ETF, Cambria Global Momentum ETF, Cambria Global Real Estate ETF, Cambria Global Tail Risk ETF, Cambria
Global Value ETF, Cambria Shareholder Yield ETF, Cambria Tail Risk ETF, Cambria Trinity ETF and Cambria Value and Momentum ETF (“Cannabis ETF”,“Emerging Shareholder Yield ETF”, “Foreign Shareholder Yield ETF”, “Global Asset Allocation ETF”, “Global Momentum ETF”, “Global Real Estate ETF”,“Global Tail Risk ETF”, “Global Value ETF”, “Shareholder Yield ETF”, “Tail Risk ETF”, “Trinity ETF”, and “Value and Momentum ETF”, respectively, and,collectively, the “Funds”). Cambria Investment Management, L.P. (the “Investment Adviser”) serves as the investment adviser to the Funds. Tidal
Investments LLC (the “Sub-Adviser”), a Tidal Financial Group company, serves as the sub-adviser to the Funds. The assets of each Fund are segregated,
and a shareholder’s interest is limited to the Fund in which shares are held. Each Fund is diversified and actively managed.
The investment objective of Cannabis ETF is to seek capital appreciation from investments in the global equity markets that have exposure to the broadcannabis industry. The Cannabis ETF inception date is July 24, 2019.
The investment objective of Emerging Shareholder Yield ETF is to seek income and capital appreciation. The Emerging Shareholder Yield ETF inception
date is July 13, 2016.
The investment objective of Foreign Shareholder Yield ETF is to seek income and capital appreciation. The Foreign Shareholder Yield ETF inception
date is December 2, 2013.
The investment objective of Global Asset Allocation ETF is to seek income and capital appreciation. The Global Asset Allocation ETF inception date is
December 9, 2014.
The investment objective of Global Momentum ETF is to seek to preserve and grow capital from investments in the U.S. and foreign equity, fixedincome, commodity and currency markets, independent of market direction. The Global Momentum ETF inception date is November 3, 2014.
The investment objective of Global Real Estate ETF is to seek income and capital appreciation. The Global Real Estate ETF inception date is
September 23, 2020.
The investment objective of Global Tail Risk ETF is to seek income and capital appreciation. The Global Tail Risk ETF inception date is February 22, 2016.
The investment objective of Global Value ETF is to seek income and capital appreciation. The Global Value ETF inception date is March 11, 2014.
The investment objective of Shareholder Yield ETF is to seek income and capital appreciation. The Shareholder Yield ETF inception date is May 13, 2013.
The investment objective of Tail Risk ETF is to seek to provide income and capital appreciation from investments in the U.S. market while protecting
against significant downside risk. The Tail Risk ETF inception date is April 5, 2017.
The investment objective of Trinity ETF is to seek income and capital appreciation. The Trinity ETF inception date is September 7, 2018.
The investment objective of Value and Momentum ETF is to seek income and capital appreciation from investments in the U.S. equity market. The
Value and Momentum ETF inception date is September 8, 2015.
Shares of the Funds are listed and traded on the Cboe BZX Exchange, Inc. (the “Exchange”). Market prices for the shares may be different from their
net asset value (“NAV”). The Funds will issue and redeem shares on a continuous basis at NAV only in large blocks of shares, typically 50,000 shares,
called “Creation Units.” Creation Units are to be issued and redeemed principally in kind for a basket of securities and a balancing cash amount. Shares
generally will trade in the secondary market in amounts less than a Creation Unit at market prices that change throughout the day.
The Funds are investment companies and accordingly follow the investment company accounting and reporting guidance of the Financial AccountingStandards Board (“FASB”) Accounting Standards Codification Topic 946 Financial Services - Investment Companies.

Semi-Annual Report | October 31, 2023 

53

Cambria ETF Trust

Notes to Financial Statements
October 31, 2023 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIESThe following is a summary of the Significant Accounting Policies followed by the Funds.

Use of Estimates — The Funds are investment companies in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”). Therefore,
the Funds follow the accounting and reporting guidance for investment companies. The preparation of financial statements in conformity with U.S.
GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent
assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during
the reporting period. Actual results could differ from those estimates, and could have a material impact to the Funds.

Security Valuation — Securities listed on a securities exchange, market or automated quotation system for which quotations are readily available(except for securities traded on the NASDAQ Stock Market (the “NASDAQ”), including securities traded over the counter, are valued at the last quoted
sale price on the primary exchange or market (foreign or domestic) on which they are traded (or at approximately 4:00 pm Eastern Time if a security’s
primary exchange is normally open at that time), or, if there is no such reported sale, at the most recent quoted bid.
For securities traded on NASDAQ, the NASDAQ Official Closing Price will be used. Debt securities are priced based upon valuations provided byindependent, third-party pricing agents, if available. Such values generally reflect the last reported sales price if the security is actively traded. The
third-party pricing agents may also value debt securities at an evaluated bid price by employing methodologies that utilize actual market transactions,broker-supplied valuations, or other methodologies designed to identify the market value for such securities. Prices for most securities held in theFunds are provided daily by recognized independent pricing agents. If a security price cannot be obtained from an independent, third-party pricing
agent, the Funds seeks to obtain a bid price from at least one independent broker.
Futures are valued at the settlement price established for the business day by the board of trade on which they are traded. Settlement prices forfinancial futures are provided by an independent pricing agent.
Options are valued at the mean between the last bid and ask prices reported from the options exchange on which such options are listed. If there is
no reported sale, long options positions are valued at the most recent bid price, and short option positions are valued at the most recent ask price.
Securities for which market prices are not “readily available” are valued in accordance with fair value procedures established by the Board of Trustees(the “Board”). The Board has designated the Investment Adviser serve as its “Valuation Designee” and perform fair value determinations on behalfof all series of the Trust, subject to the Board’s supervision and direction. The following securities may be fair valued by the Valuation Designee:(1) securities for which market quotations are insufficient or not readily available, (2) securities for which, in the judgment of the Valuation Designee,
the prices or values do not represent the fair value of the instrument, and (3) securities deemed to be illiquid. Some of the more common reasons that
may necessitate that a security be valued using fair value procedures include: the security’s trading has been halted or suspended; the security has
been de-listed from a national exchange; the security’s primary trading market is temporarily closed at a time when under normal conditions it would
be open; the security has not been traded for an extended period of time; the security’s primary pricing source is not able or willing to provide a price;or trading of the security is subject to local government-imposed restrictions. Fair valuation is based on subjective factors and, as a result, the fair value
price of an asset may differ from the asset’s market price and may not be the current price at which the asset may be sold. Fair value estimates are
based on judgments regarding the current economic environment, financial reports, credit, collateral and other such factors.
Under Rule 2a-5 of the 1940 Act, a fair value is determined by the Valuation Designee (as defined in Rule 2a-5) in accordance with the Pricing andValuation Policy and Fair Valuation Procedures, as applicable, of the Investment Adviser, subject to oversight by the Board. In accordance with theauthoritative guidance on fair value measurements and disclosure under U.S. GAAP, the Funds disclose fair value of their investments in a hierarchy
that prioritizes the inputs to valuation techniques used to measure the fair value. The objective of a fair value measurement is to determine the pricethat would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date(an exit price). Accordingly, the fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or
liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below:•

Level 1 – Unadjusted quoted prices in active markets for identical, unrestricted assets or liabilities that the Funds have the ability to accessat the measurement date;•

Level 2 – Quoted prices which are not active, or inputs that are observable (either directly or indirectly) for substantially the full term of theasset or liability; and•Level 3 – Prices, inputs or exotic modeling techniques which are both significant to the fair value measurement and unobservable (supported
by little or no market activity).

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Notes to Financial Statements
October 31, 2023 (Unaudited)

A summary of the inputs used to value each Fund’s investments as of October 31, 2023, are disclosed in each Fund’s Schedule of Investments.

Foreign Currency Translation — The books and records of the Funds are maintained in U.S. dollars. Investment securities and other assets andliabilities denominated in a foreign currency are translated into U.S. dollars on the date of valuation. Purchases and sales of investment securities,
income and expenses are translated into U.S. dollars at the relevant rates of exchange prevailing on the respective dates of such transactions. The
Funds do not isolate that portion of realized or unrealized gains and losses resulting from changes in the foreign exchange rate from fluctuations arisingfrom changes in the market prices of the securities. These gains and losses are included in net realized and unrealized gains and losses on investmentson the Statements of Operations. Net realized and unrealized gains and losses on foreign currency transactions represent net foreign exchange gains
or losses from foreign currency exchange contracts, disposition of foreign currencies, currency gains or losses realized between trade and settlement
dates on securities transactions and the difference between the amount of the investment income and foreign withholding taxes recorded on theFunds’ books and the U.S. dollar equivalent amounts actually received or paid. These gains and losses are included in net realized and unrealized gains
and losses on foreign currency transactions on the Statements of Operations.
The value of the Funds’ foreign holdings as measured in U.S. dollars may be affected unfavorably by changes in foreign currency exchange rates, asa change in the value of a foreign currency against the U.S. dollar generally will result in a corresponding change in the U.S. dollar value of securities
denominated in that currency held by a Fund. In addition to the risks of foreign currency exchange rates generally, trading in the currencies of certain
countries may face periods of limited liquidity or the political risk of exchange controls or currency repatriation restrictions, which may in turn make suchholdings denominated in those currencies difficult to value. The Funds may also incur losses in connection with conversions between various currencies.

Futures Contracts — Consistent with its investment objective and strategies, Value and Momentum utilized futures contracts during the period

ended October 31, 2023. The Value and Momentum ETF’s investment in futures contracts is designed to enable the Fund to more closely approximate
the performance of its benchmark index. Value and Momentum ETF chose to invest in futures contracts for tactical hedging purposes as well as toenhance its returns. Initial margin deposits of cash or securities are made upon entering into futures contracts. The contracts are marked to market
daily and the resulting changes in value are accounted for as unrealized gains and losses. Variation margin payments are paid or received, depending
upon whether unrealized gains or losses are incurred. When the contract is closed, Value and Momentum records a realized gain or loss equal to thedifference between the proceeds from (or cost of) the closing transaction and the amount invested in the contract. A margin deposit was made uponentering into futures contracts and is included in Cash at Broker for futures contracts on the Statements of Assets and Liabilities.
Risks of entering into futures contracts include the possibility that there will be an imperfect price correlation between the futures and the underlying
securities. Second, it is possible that a lack of liquidity for futures contracts could exist in the secondary market, resulting in an inability to close aposition prior to its maturity date. Third, the futures contract involves the risk that Value and Momentum could lose more than the original margindeposit required to initiate a futures transaction.
Finally, the risk exists that losses could exceed amounts disclosed on the Statements of Assets and Liabilities.
It is the Value and Momentum’s policy to present the gross variation margin payable and the gross variation margin receivable of the future contracts
separately on the Statements of Assets and Liabilities, as it does not have a master netting agreement with the counterparty to the futures contracts. Referto the Value and Momentum ETF’s Schedule of Investments for details regarding open future contracts as of October 31, 2023. The fair value of equity
futures contracts held in the Value and Momentum ETF can be found on the Statements of Assets and Liabilities under the captions variation margin
receivable/payable. Only current day’s variation margin is reported within the Statements of Assets and Liabilities. Cumulative appreciation (depreciation)of futures contracts are reported in the Value and Momentum ETF’s Schedule of Investments. Realized gains or losses on equity rate futures contracts
related to Value and Momentum ETF is recognized on the Statements of Operations as part of net realized gain (loss) on futures contracts and any change
in unrealized appreciation or depreciation is recognized on the Statements of Operations as net change in unrealized gain (loss) on futures contracts.

Options Written/Purchased — The Value and Momentum ETF, Tail Risk ETF, and Global Tail Risk ETF may invest in equity options contracts for the

purpose of hedging their existing portfolio securities, or securities that they intend to purchase, against fluctuations in fair market value caused bychanges in prevailing market interest rates. The Value and Momentum ETF may use options to hedge up to 100% of the value of its long portfolio in
an attempt to avoid overvalued and downtrending markets. The Tail Risk ETF utilizes a put option strategy to manage the risk of a significant negative
movement in the value of domestic equities over rolling one-month periods. The Global Tail Risk ETF utilizes a put option strategy to manage therisk of a significant negative movement in the value of global ex-U.S. equities on a month-by-month basis. A Fund may also invest in equity option
contracts to enhance its returns. When a Fund writes or purchases an option, an amount equal to the premium received or paid by a Fund is recorded
as a liability or an asset and is subsequently adjusted to the current market value of the option written or purchased. Premiums received or paid
from writing or purchasing options which expire unexercised are treated by a Fund on the expiration date as realized gains or losses. The difference
between the premium and the amount paid or received on affecting a closing purchase or sale transaction, including brokerage commissions, is also
treated as a realized gain or loss. If an option is exercised, the premium paid or received is added to the cost of the purchase or proceeds from the salein determining whether the Fund has realized a gain or a loss. The risk in writing a call option is a Fund may give up the opportunity for profit if themarket price of the security increases. The risk in writing a put option is a Fund may incur a loss if the market price of the security decreases and theSemi-Annual Report | October 31, 2023 

55

Cambria ETF Trust

Notes to Financial Statements
October 31, 2023 (Unaudited)

option is exercised. There is risk that a Fund may pay a premium whether or not the option is exercised. A Fund also has the additional risk of being
unable to enter into a closing transaction at an acceptable price if a liquid secondary market does not exist. Option contracts also involve the risk thatthey may not work as intended due to unanticipated developments in market conditions or other causes. Finally, the risk exists that losses on written
options could exceed amounts disclosed on the Statements of Assets and Liabilities.
The Global Tail Risk ETF and Tail Risk ETF had options contracts as of October 31, 2023, as disclosed in each Fund’s Schedule of Investments. Any
realized gains or losses and change in unrealized gains or losses can be found on the Statements of Operations.

Risk Exposure
Value and Momentum ETF
Equity Risk (Futures Contracts)
Total

Asset Derivatives
Statements of Assets andLiabilities Location*
Fair Value

Liabilities Derivatives
Statements of Assets andLiabilities Location*
Fair Value

Unrealized appreciation
on futures contracts

Unrealized depreciation
on futures contracts

N/A$2,466,478$2,466,478

Global Tail Risk ETF
Equity Contracts (Purchased Options)
Total

Investments, at value$548,000$548,000

Investments, at value

N/A

Tail Risk ETF
Equity Contracts (Purchased Options)
Total

Investments, at value$11,218,260$11,218,260

Investments, at value

N/A*

Includes cumulative appreciation (depreciation) on futures contracts as reported on the Schedules of Investments. Only current day’s variation
margin for futures contracts are reported within the Statements of Assets and Liabilities.

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Notes to Financial Statements
October 31, 2023 (Unaudited)

Risk Exposure
Value and Momentum ETF
Equity Risk (Futures Contracts)

Statement of Operations Location
Net Realized Gain (Loss) on Futures
Contracts/Net change in Unrealized
Appreciation (Depreciation) on
Futures Contracts

Total
Global Tail Risk ETF
Equity Contracts (Purchased Options)*

Net Realized Gain (Loss) on Investmentsof Securities of Unaffiliated Issuers/
Net Change in Unrealized Appreciation(Depreciation) on Investments ofSecurities of Unaffiliated Issuers

Total
Tail Risk ETF
Equity Contracts (Purchased Options)*

Total
*

Net Realized Gain (Loss) on Investmentsof Securities of Unaffiliated Issuers/
Net Change in Unrealized Appreciation(Depreciation) on Investments ofSecurities of Unaffiliated Issuers

Realized Gain/(Loss) on
Derivatives
Recognized in
IncomeChange in Unrealized
Appreciation/(Depreciation) on
Derivatives Recognizedin Income$(3,231,426)$(3,231,426)$3,687,521$3,687,521

$—
$—

$428,646$428,646$—$—$13,734,808$13,734,808

Purchased options are included within net realized gain (loss) on investments and net change in unrealized appreciation (depreciation)
on investments.

The average purchased option contracts’ notional amount during the period ended October 31, 2023 for Global Tail Risk ETF is $11,312,096, and for
Cambria Tail Risk ETF is $514,314,840.

Federal Income Taxes — The Funds intend to qualify as “regulated investment companies” under Sub-chapter M of the Internal Revenue Code of1986 (the “Code”), as amended. If so qualified, the Funds will not be subject to U.S. federal income tax to the extent they distribute substantially all of
their net investment income and net capital gains to their shareholders.
The Funds evaluate tax positions taken or expected to be taken in the course of preparing the Funds’ tax returns to determine whether it is “more-likelythan-not” (i.e., greater than 50 percent) that each tax position will be sustained upon examination by a taxing authority based on the technical meritsof the position. Tax positions not deemed to meet the more-likely-than-not threshold are recorded as a tax benefit or expense in the current period.
The Funds did not record any tax provisions in the current year. However, management’s conclusions regarding tax positions may be subject to review
and adjustment at a later date based on factors including, but not limited to, examination by tax authorities (i.e., the last three tax year ends, asapplicable), on-going analysis of and changes to tax laws, regulations and interpretations thereof.
As of the period ended October 31, 2023, the Funds did not have a liability for any unrecognized tax benefits. The Funds recognize interest andpenalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations. During the period, the Funds did notincur any interest or penalties.

Organizational and Offering Expenses — All organizational and offering expenses of the Trust were borne by the Investment Adviser and are notsubject to future recoupment. As a result, organizational and offering expenses are not reflected in the financial statements.

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57

Cambria ETF Trust

Notes to Financial Statements
October 31, 2023 (Unaudited)

Expenses — Expenses included in the accompanying financial statements reflect the expenses of each Fund and do not include any expenses
associated with the underlying funds.

Security Transactions and Investment Income — Security transactions are accounted for on trade date. Dividend income received from theunderlying funds is recognized on the ex-dividend date and is recorded as dividend income in the Statements of Operations. Capital gain distributions
received from the underlying funds are recognized on ex-dividend date and are recorded on the Statements of Operations as such. Costs used indetermining realized gains and losses on the sales of investment securities are on the basis of specific identification. Dividend income is recordedon the ex-dividend date. Dividend income is recorded net of unrecoverable withholding tax. Interest income is recognized on the accrual basis.
Amortization and accretion is calculated using the scientific interest method, which approximates the effective interest method over the holding
period of the security. Amortization of premiums and discounts is included in interest income. Withholding taxes on foreign dividends and foreign
capital gains tax have been provided for in accordance with the Funds’ understanding of the applicable country’s tax rules and regulations. Capital gain
taxes on securities in certain foreign countries are accrued on unrealized appreciation and are due when realized.

Foreign Taxes — The Funds may be subject to foreign taxes related to foreign income received (a portion of which may be reclaimable), capital gains
on the sale of securities, and certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable regulations andrates that exist in the foreign jurisdictions in which the Funds invest.
Dividends and Distributions to Shareholders — The Funds generally pay out dividends from their net investment income, if any, quarterly, anddistribute their net capital gains, if any, to shareholders at least annually. All distributions are recorded on ex-dividend date.

Creation Units — The Funds issue and redeem shares on a continuous basis at NAV in groups of 50,000 shares called creation units (“Creation Units”).

Purchasers of Creation Units (“Authorized Participants”) must pay a creation transaction fee per transaction. The fee is typically a single charge andwill be the same regardless of the number of Creation Units purchased by an investor on the same day. An Authorized Participant who holds Creation
Units and wishes to redeem at NAV would also pay a Redemption Fee per transaction to the custodian on the date of such redemption, regardless ofthe number of Creation Units redeemed that day.
The ALPS Distributors Inc. (the “Distributor”), the Funds’ Distributor, has entered into participant agreements with certain broker-dealers and others
that allow those parties to be Authorized Participants and to subscribe for and redeem shares of the Funds. Such Authorized Participants may fromtime to time hold, of record or beneficially, a substantial percentage of the Funds’ shares outstanding, act as executing or clearing broker for investment
transactions on behalf of the Fund and/or serve as counterparty to derivative transactions with the Funds.
Except when aggregated in Creation Units, shares are not redeemable securities of a Fund. Shares of the Funds may only be purchased or redeemedby Authorized Participants. An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous
Net Settlement System of the National Securities Clearing Corporation or (ii) a DTC participant and, in each case, must have executed a participant
agreement with the distributor. Most retail investors will not qualify as Authorized Participants or have the resources to buy and sell whole Creation
Units. Therefore, they will be unable to purchase or redeem the shares directly from the Funds. Rather, most retail investors will purchase shares inthe secondary market with the assistance of a broker and will be subject to customary brokerage commissions or fees.
If a Creation Unit is purchased or redeemed for cash, a higher transaction fee will be charged. The following table discloses Creation Unit breakdown
for the period ended October 31, 2023:

Cannabis ETF
Emerging Shareholder Yield ETF
Foreign Shareholder Yield ETF
Global Asset Allocation ETF
Global Momentum ETF
Global Real Estate ETF
Global Tail Risk ETF
Global Value ETF
Shareholder Yield ETF
Tail Risk ETF
Trinity ETF
Value and Momentum ETF*

Creation Unit Shares
50,00050,00050,00050,00050,00050,00050,00050,00050,00050,00050,00050,000Standard
Transaction Fee*Value
$262,500 $500
1,370,000
3,500
1,165,000
2,500
1,289,000
500
1,318,000
500
1,093,500
1,500
958,500
500
957,500
3,500
2,948,000
700
643,500500
1,197,000
250
1,304,000
700

Variable Charge
Up to 2.0%
Up to 2.0%
Up to 2.0%
None
Up to 2.0%
Up to 2.0%
Up to 2.0%
Up to 2.0%
None
None
None
None

The Transaction Fee may be higher for transactions outside the Clearing Process.

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Cambria ETF Trust

Notes to Financial Statements
October 31, 2023 (Unaudited)

To the extent the Funds permit the contribution of securities in exchange for the purchase of shares (contribution in-kind), shares may be issued inadvance of receipt by the Funds of all or a portion of the applicable Deposit Securities. In these circumstances, the Funds may require the Authorized
Participant to maintain with the Trust an amount up to 115% and/or 125% of the daily mark-to-market value of the missing Deposit Securities.
Amounts are disclosed as segregated cash balances with Authorized Participants for Deposit Securities and payable for collateral upon return of
Deposit Securities on the Statements of Assets and Liabilities.

Illiquid Securities — A security is considered illiquid if a Fund reasonably expects that the investment cannot be sold or disposed of in current market
conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. Valuations of illiquid
securities may differ significantly from the values that would have been used had an active market value for these securities existed.
Cash and cash equivalents — Idle cash and currency balances may be swept into various overnight sweep accounts and are classified as cash andcash equivalents on the Statements of Assets and Liabilities. These amounts, at times, may exceed United States federally insured limits. Amounts
swept are available on the next business day.

3. OFFSETTING ASSETS AND LIABILITIESThe Funds are required to disclose the impact of offsetting assets and liabilities represented in the Statements of Assets and Liabilities to enable usersof the financial statements to evaluate the effect, or potential effect, of netting arrangements on investing in the Funds for recognized assets andliabilities. These recognized assets and liabilities are financial instruments and derivative instruments that are either subject to an enforceable masternetting arrangement, or similar agreement, or meet the following criteria to offset assets and liabilities: 1) the amounts owed by a Fund to anotherparty are determinable; 2) a Fund has the right to offset the amounts owed with the amounts owed by the other party; 3) a Fund intends to offset
assets and liabilities, which can be enforced by law.
As of October 31, 2023, the Funds’ financial instruments and derivative instruments are not subject to a master netting arrangement. See Note 9 foroffsetting related to securities lending.

4. RELATED PARTIES
Investment Advisory Agreement — The Investment Adviser is responsible for overseeing the management and business affairs of the Funds
and has discretion to purchase and sell securities in accordance with the Funds’ objectives, policies, and restrictions. The Investment Adviser
reviews, supervises, and administers each Fund’s investment program. The Investment Adviser has entered into an investment advisory agreement(“Management Agreement”) with respect to the Funds. Pursuant to that Management Agreement, the Funds pay the Investment Adviser, on amonthly basis, an annual advisory fee based on their average daily nets assets for the services and facilities it provides payable at an annual rate of
0.59%, excluding the Global Asset Allocation ETF and Trinity ETF, neither of which is charged an advisory fee.
With respect to each Fund, except the Global Value ETF and Emerging Shareholder Yield ETF, the Investment Adviser bears all of the costs of the Funds,
except for the advisory fee, payments under each Fund’s 12b-1 plan, brokerage expenses, acquired fund fees and expenses, taxes, interest (including
borrowing costs and dividend expenses on securities sold short), litigation expenses and other extraordinary expenses. With respect to the Global
Value ETF and Emerging Shareholder Yield ETF, the Investment Adviser bears all of the costs of each Fund, except for the advisory fee, payments
under the Fund’s 12b-1 plan, brokerage expenses, custodial expenses, acquired fund fees and expenses, taxes, interest (including borrowing costs anddividend expenses on securities sold short), litigation expenses and other extraordinary expenses. The Global Value ETF and Emerging Shareholder
Yield ETF may pay up to 0.10% in custody fees. The Management Agreement for the Funds provides that it may be terminated at any time, without
the payment of any penalty, by the Board or, with respect to the Funds, by a majority of the outstanding shares of the Funds, on 60 days’ written
notice to the Investment Adviser, and by the Investment Adviser on 60 days’ written notice to the Trust and that it shall be automatically terminatedif it is assigned.
Cannabis ETF has agreed to waive 0.17% of its advisory fee, on an annualized basis, through at least August 31, 2024, unless otherwise terminated by
the Board. The waived fees are not eligible for recapture by the Investment Adviser.
The Sub-Adviser serves as sub-adviser to the Funds, pursuant to a sub-advisory agreement between the Adviser and the Sub-Adviser with respect to
the Funds (the “Sub-Advisory Agreement”). Pursuant to the Sub-Advisory Agreement, the Sub-Adviser is responsible for the day-to-day managementof the Funds’ portfolio, including determining the securities purchased and sold by the Funds, subject to the supervision of the Adviser and the Board.
The Sub-Adviser is paid a fee by the Adviser, which is calculated and paid monthly, at an annual rate of 0.02% of the Funds’ average daily net assets. The
Sub-Adviser has agreed to assume the Adviser’s obligation to pay all expenses incurred by the Fund, except for Excluded Expenses. For assuming thepayment obligation, the Adviser has agreed to pay to the Sub-Adviser the profits, if any, generated by the Funds’ Management Fee. Expenses incurredby the Funds and paid by the Sub-Adviser include fees charged by Tidal, as defined below.
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Cambria ETF Trust

Notes to Financial Statements
October 31, 2023 (Unaudited)

Administrator, Custodian and Transfer Agent — Tidal ETF Services LLC (the “Tidal”) serves as the Funds’ Administrator and, in that capacity,
performs various administrative and management services for the Funds.

U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services (“Fund Services”), serves as the Fund’s sub-administrator, fundaccountant and transfer agent. In those capacities, Fund Services performs various administrative and accounting services for the Fund. Fund Services
prepares various federal and state regulatory filings and reports for the Fund, including regulatory compliance monitoring and financial reporting;prepares reports and materials to be supplied to the Board; and monitors the activities of the Fund’s custodian. U.S. Bank N.A. (the “Custodian”),
an affiliate of Fund Services, serves as the Fund’s custodian. The Custodian acts as the securities lending agent (the “Securities Lending Agent”) for
the Fund.

Distribution Agreement — The Distributor serves as the Funds’ distributor of Creation Units pursuant to a distribution agreement. The Distributor
does not maintain any secondary market in Fund shares.
The Trust has adopted a Distribution and Service Plan (“Plan”) pursuant to Rule 12b-1 under the 1940 Act. In accordance with the Plan, the Funds areauthorized to pay an amount up to 0.25% of their average daily net assets each year for certain distribution-related activities. However, no such fee iscurrently paid by the Funds, and the Board has not currently approved the commencement of any payments under the Plan.
Certain officers and trustees of the Trust are affiliated with the Investment Adviser or Sub-Adviser.

5. INVESTMENT TRANSACTIONS
For the period ended October 31, 2023, the purchases and sales of investments in securities, excluding in-kind transactions, long-term U.S. Governmentand short-term securities, were:

Fund
Cannabis ETF
Emerging Shareholder Yield ETF
Foreign Shareholder Yield ETF
Global Asset Allocation ETF
Global Momentum ETF
Global Real Estate ETF
Global Tail Risk ETF
Global Value ETF
Shareholder Yield ETF
Tail Risk ETF
Trinity ETF
Value and Momentum ETF

Purchase of
Securities$—
25,524,233
48,961,673
2,627,335
132,972,430
8,349,420—
7,435,913
122,887,853
101,284,442
31,405,386
32,851,981

Proceeds from Salesof Securities$—64,337,830
90,173,796
3,447,319
116,159,262
5,262,446
40,010—187,030,276
16,421,953
34,452,718
16,408,275

For the period ended October 31, 2023, the Tail Risk ETF had purchases and sales of U.S. Government securities of $47,015,893 and$48,968,258, respectively.

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Cambria ETF Trust

Notes to Financial Statements
October 31, 2023 (Unaudited)

For the period ended October 31, 2023, in-kind transactions associated with creations and redemptions were:

Fund
Cannabis ETF
Emerging Shareholder Yield ETF
Foreign Shareholder Yield ETF
Global Asset Allocation ETF
Global Momentum ETF
Global Real Estate ETF
Global Tail Risk ETF
Global Value ETF
Shareholder Yield ETF
Tail Risk ETF
Trinity ETF
Value and Momentum ETF

Purchase of
Securities$—
25,034,417
110,222,672
6,574,740—
2,327,762——
121,696,309—
4,590,209
9,302,074

Proceeds from Salesof Securities$256,727—
17,197,301
3,953,823
27,471,690
3,596,627—
19,514,609
17,035,073—
3,657,183
15,414,000

Net Realized
Gain/(Loss)$(186,602)—
2,350,639
346,133
986,691
209,456—
1,521,286
2,348,089—
181,862
2,011,368

6. PRINCIPAL RISKS
As with all ETFs, shareholders of the Funds are subject to the risk that their investments could lose money, including the possible loss of the entire
principal amount of an investment, over short or long periods of time. An investment is not a bank deposit and it is not insured or guaranteed by theFederal Deposit Insurance Corporation or any other government agency. The Funds are subject to the principal risks set forth in their prospectuses
under the heading ‘‘Principal Risks.’’ Some of these risks, any of which may adversely affect a Fund’s NAV, trading price, yield, total return, or ability tomeet its investment objective, are set forth below.

Cannabis Industry Risk — Cannabis Companies are subject to various laws and regulations that may differ at the local and federal level. These laws

and regulations may significantly affect a Cannabis Company’s ability to secure financing, impact the market for cannabis industry sales and services,and set limitations on marijuana use, production, transportation, and storage. Cannabis Companies may also be required to secure permits andauthorizations from government agencies to cultivate or research marijuana. In addition, Cannabis Companies are subject to the risks associated withthe agricultural, biotechnology, and pharmaceutical industries. The Cannabis ETF invests in publicly-traded Cannabis Companies primarily listed andtraded on a national securities exchange that operates in a jurisdiction where the Cannabis Companies’ cannabis-related business activities are legal
under the national and local laws of the relevant jurisdiction, including U.S. federal and state laws.

Cash Redemption Risk — A Fund’s investment strategy may require it to effect redemptions, in whole or in part, for cash. As a result, a Fund may
be required to sell portfolio securities in order to obtain the cash needed to distribute redemption proceeds. This may cause a Fund to recognize
investment income and/or capital gains or losses that it might not have recognized if it had completely satisfied the redemption in-kind. As a result,
such Fund may be less tax efficient if it includes such a cash payment than if the in-kind redemption process was used exclusively (i.e., securities are
distributed as payment of redemption proceeds). In addition, cash redemptions may incur higher brokerage costs than in-kind redemptions and theseadded costs may be borne by the Fund and negatively impact Fund performance.

Commodity Investing Risk. Investing in commodity-related companies may subject a Fund to greater volatility than investments in traditional

securities. The commodities markets have experienced periods of extreme volatility. Similar future market conditions may result in rapid and substantial
valuation increases or decreases in the Funds’ holdings.

Currency Strategies Risk. Currency exchange rates may fluctuate significantly over short periods of time and can be unpredictably affected bypolitical developments or government intervention. Changes in currency exchange rates may affect the U.S. dollar value of the Funds’ investments.

Cyber Security Risk — Each Fund, and its service providers, may be susceptible to operational and information security risks resulting from a breachin cyber security, including cyber-attacks. A breach in cyber security, intentional or unintentional, may adversely impact the Funds in many ways,
including, but not limited to, disruption of the Funds’ operational capacity, loss of proprietary information, theft or corruption of data maintained
online or digitally, denial-of-service attacks on websites or network resources, and the unauthorized release of confidential information. Cyber-attacks
affecting the Funds’ third-party service providers, including the Investment Adviser, the Custodian, and the transfer agent, may subject the Funds tomany of the same risks associated with direct cyber security breaches and adversely impact the Funds. For instance, cyber-attacks may impact theFunds’ ability to calculate its NAV, cause the release of confidential business information, impede trading, cause a Fund to incur additional complianceSemi-Annual Report | October 31, 2023 

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Notes to Financial Statements
October 31, 2023 (Unaudited)

costs associated with corrective measures, subject a Fund to regulatory fines or other financial losses, and/or cause reputational damage to the Funds.
Cyber security breaches of market makers, Authorized Participants, or the issuers of securities in which the Funds invest could also have material
adverse consequences on the Funds’ business operations and cause financial losses for the Funds and its shareholders. While the Funds and its service
providers have established business continuity plans and risk management systems designed to address cyber security risks, prevent cyber-attacks andmitigate the impact of cyber security breaches, there are inherent limitations on such plans and systems. In addition, the Funds have no control overthe cyber security protections put in place by its service providers or any other third parties whose operations may affect the Funds or its shareholders.

Depositary Receipts Risk — The risks of investments in depositary receipts are substantially similar to the risks of investing directly in foreign
securities. In addition, depositary receipts may not track the price of or may be less liquid than their underlying foreign securities, and the value ofdepositary receipts may change materially at times when the U.S. markets are not open for trading.
Derivatives Risk — Derivatives are financial instruments that have a value which depend upon, or is derived from, a reference asset, such as one
or more underlying securities, pools of securities, indexes, rates or currencies. Derivatives may result in investment exposures that are greater thantheir cost would suggest; in other words, a small investment in a derivative may have a large impact on fund performance. The successful use ofderivatives generally depends on the ability to predict market movements. The use of these instruments requires special skills and knowledge ofinvestment techniques that are different than those normally required for purchasing and selling securities. If the Investment Adviser uses a derivative
instrument at the wrong time or judges market conditions incorrectly, or if the derivative instrument does not perform as expected, these strategies
may significantly reduce a fund’s return. A fund could also experience losses if it is unable to close out a position because the market for an instrument
or position is or becomes illiquid.
Dividend Paying Security Risk — Securities that pay high dividends as a group can fall out of favor with the market, causing these companies tounderperform companies that do not pay high dividends. Also, changes in the dividend policies of companies owned by the Funds and the capital
resources available for these companies’ dividend payments may adversely affect the Funds.

Emerging Markets Risk — Investments in securities and instruments traded in developing or emerging markets, or that provide exposure to thesesecurities or markets, can involve additional risks relating to political, economic, or regulatory conditions not associated with investments in U.S.
securities and instruments or investments in more developed international markets. For example, emerging markets may be subject to, among otherrisks, greater market volatility; lower trading volume and liquidity; greater social, political and economic uncertainty; governmental controls on foreign
investments and limitations on repatriation of invested capital; lower disclosure, corporate governance, auditing and financial reporting standards;
fewer protections of property rights; restrictions on the transfer of securities or currency; and settlement and trading practices that differ from
U.S. markets and markets of more developed countries. Each of these factors may impact the ability of the Funds to buy, sell or otherwise transfer
securities, adversely affect the trading market and price for Fund shares and cause the Funds to decline in value.

Equity Investing Risk — The values of equity securities could decline generally or could underperform other investments. In addition, securities may
decline in value due to factors affecting a specific issuer, market or securities markets generally.

Exchange-Traded Funds and Exchange-Traded Products (“ETP”) and Investment Companies Risk — The risks of investing in securities of

ETFs, ETPs and investment companies typically reflect the risks of the types of instruments in which the underlying ETF, ETP or investment company
invests. In addition, with such investments, the Funds beartheir proportionate share of the fees and expenses of the underlying entity. As a result, theFunds’ operating expenses may be higher and performance may be lower.

Fixed Income Risk — A decline in an issuer’s credit rating may cause a decrease in the value of its fixed income securities and an increase in theirinvestment risk and volatility. During periods of falling interest rates, an issuer of a callable bond held by the Funds may “call” (or repay) the security
before its stated maturity, and the Funds may have to reinvest the proceeds at lower interest rates, resulting in a decline in the Funds’ income. The
market value of fixed income securities generally changes in response to changes in interest rates. As interest rates rise, the value of certain fixedincome securities is likely to decrease. Similarly, if interest rates decline, the value of fixed income securities is likely to increase.

Foreign Investment Risk — Returns on investments in foreign securities could be more volatile than, or trail the returns on, investments in U.S.

securities. Investments in or exposures to foreign securities by the Funds are subject to special risks, including risks associated with foreign securities
generally, including differences in information available about issuers of securities and investor protection standards applicable in other jurisdictions;capital controls risks, including the risk of a foreign jurisdiction imposing restrictions on the ability to repatriate or transfer currency or other assets;
currency risks; political, diplomatic and economic risks; regulatory risks; and foreign market and trading risks, including the costs of trading and risksof settlement in foreign jurisdictions.

Futures Contracts Risk — Risks associated with the use of futures contracts include the following: (i) an imperfect correlation between movements

in prices of index futures contracts and movements in the value of the stock index that the instrument is designed to simulate; and (ii) the possibilityof an illiquid secondary market for a futures contract and the resulting inability to close a position prior to its maturity date. Investments in futures
may expose the Fund to leverage.

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Notes to Financial Statements
October 31, 2023 (Unaudited)

Geographic Investment Risk — To the extent the Funds invest a significant portion of assets in the securities of companies of a single country or
region, it is more likely to be impacted by events or conditions affecting that country or region.

Hedging Risk — Options used by the Funds to offset its exposure to tail risk or reduce volatility may not perform as intended. There can be noassurance that the Funds’ put option strategy will be effective. It may expose the Funds to losses, e.g., option premiums, to which it would not haveotherwise been exposed if it only invested, directly or indirectly, in U.S. government bonds and ex-U.S. sovereign bonds. Further, the put option
strategy may not fully protect the Funds against declines in the value of their portfolio securities.
High Yield Securities Risk — High yield securities and unrated securities of comparable credit quality are subject to the increased risk of an issuer’s
inability to meet principal and interest payment obligations. High yield securities are subject to a greater risk of default and investments in them are
inherently speculative. The secondary markets in which high yield securities are traded may be less liquid and more volatile than the market for higher
grade securities.
Inflation-Protected Security Risk — Inflation-protected securities, such as Treasury inflation-protected securities (TIPS), provide protection against
inflation. Inflation-protected securities typically decrease in value when real interest rates rise and increase in value when real interest rates fall.

Interest Rate Risk — The market value of fixed income securities generally changes in response to changes in interest rates. As interest rates rise, thevalue of certain fixed income securities is likely to decrease. Similarly, if interest rates decline, the value of fixed income securities is likely to increase.
Interest rate risk is generally lower for shorter-term investments and higher for longer-term investments.
International Closed-Market Trading Risk — Because the Funds’ investments may be traded in markets that are closed when the Exchange isopen, there are likely to be deviations between the current pricing of an underlying investment and stale investment pricing (i.e., the last quote fromits closed foreign market), resulting in premiums or discounts to NAV that may be greater than those experienced by other ETFs.
Investment Risk — An investment in the Funds is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance
Corporation or any other government agency. When you sell your Shares, they could be worth less than what you paid for them.

Large Capitalization Company Risk — The Funds’ investments in large capitalization companies may underperform other segments of themarket because they may be less responsive to competitive challenges and opportunities and unable to attain high growth rates during periods of
economic expansion.

Liquidity Risk — The Funds may purchase options and fixed income securities that may be less liquid than other types of investments. The options
and fixed income securities purchased by the Funds may not always be liquid. This could have a negative effect on the Funds’ ability to achieve its
investment objective and may result in losses to the Funds’ shareholders.
Management Risk — The Funds are all actively managed and use proprietary investment strategies and processes. There can be no guarantee thatthese strategies and processes will produce the intended results and no guarantee that the Funds will achieve their investment objective. This could
result in the Funds’ underperformance compared to other funds with similar investment objectives.

Market Events Risk — Turbulence in the financial markets, reduced liquidity in the equity markets, and/or the advent of certain economic or politicalevents, including global events such as war, acts of terrorism or a public health crisis, may negatively affect issuers, which could have an adverse effecton certain Fund holdings. In addition, there is a risk that policy changes by the U.S. Government, Federal Reserve and/or other government actors,
such as increasing interest rates, could cause increased volatility in financial markets and higher levels of Fund redemptions, which could have anegative impact on certain Fund holdings.
Options Risk — Options are subject to correlation risk because there may be an imperfect correlation between the prices of options and movementsin the price of the underlying securities. Options may expire unexercised, causing the Funds to lose the premium paid for them. The success of theFunds’ investment in options depends upon many factors, such as the price of the options which is a function of various factors that may change
rapidly over time. If a counterparty defaults, the Funds’ only recourse will be to pursue contractual remedies against the counterparty, and the Funds
may be unsuccessful in its pursuit. The Funds thus assume the risk that it may be delayed in or prevented from obtaining payments owed to it pursuant
to an over-the-counter options transaction.

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Notes to Financial Statements
October 31, 2023 (Unaudited)

Portfolio Turnover Risk — Because the Tail Risk ETF and Global Tail Risk ETF “turn over” their put options every month, they will incur high levelsof transaction costs from commissions or mark-ups in the bid/offer spread. Higher portfolio turnover may result in the Funds paying higher levels oftransaction costs and generating greater tax liabilities for shareholders. Portfolio turnover risk may cause the Funds’ performance to be less than you
expect. While the turnover of the put options is not deemed “portfolio turnover” for accounting purposes, the economic impact to the Tail Risk ETF
and Global Tail Risk ETF is similar to what could occur if the Funds experienced high portfolio turnover (e.g., in excess of 100% per year). Other Funds’
strategies may also result in high portfolio turnover rates.
Premium-Discount Risk — The shares may trade above or below their NAV. The NAV of the Funds will generally fluctuate with changes in the market
value of the Funds’ holdings. The market prices of shares, however, will generally fluctuate in accordance with changes in NAV as well as the relative
supply of, and demand for, shares on the Exchange. The trading price of shares may deviate significantly from NAV during periods of market volatility.
The Investment Adviser and Sub-Adviser cannot predict whether shares will trade below, at or above their NAV. Price differences may be due, in largepart, to the fact that supply and demand forces at work in the secondary trading market for shares will be closely related to, but not identical to, thesame forces influencing the prices of the securities held by the Funds. However, given that shares can be purchased and redeemed in large blocks ofshares, called Creation Units (unlike shares of closed-end funds, which frequently trade at appreciable discounts from, and sometimes at premiums
to, their NAV), and the Funds’ portfolio holdings are fully disclosed on a daily basis, the Investment Adviser believes that large discounts or premiums
to the NAV of shares should not be sustained, but that may not be the case.
Quantitative Security Selection Risk — The Investment Adviser uses quantitative techniques to generate investment decisions and selectstocks, and the Funds may not perform as intended if it relies on erroneous or outdated data from one or more third parties. Errors in data usedin the quantitative model may occur from time to time and may not be identified and/or corrected before having an adverse impact on a Fund andits shareholders.

Real Estate Investments Risk — The Global Real Estate ETF’s investments are concentrated in real estate-related industries, and it may be susceptible

to loss due to adverse occurrences affecting these industries. Investments in real estate are subject to certain risks, including declines in the real estatemarket, decreases in property revenues, increases in interest rates, increases in property taxes and operating expenses, legal and regulatory changes,
a lack of credit or capital, defaults by borrowers or tenants, environmental problems and natural disasters. The availability of mortgages and changes
in interest rates may also affect real estate values.

Real Estate Investment Trust “REIT” Risk. In addition to the risks associated with the direct ownership of real estate and real estate-related
securities, REITs are subject to additional risks, including those related to adverse governmental actions, and the performance of a REIT may beaffected by its failure to qualify for tax-free pass through of income or its failure to maintain exemption from registration as an investment company.
REITs are dependent upon specialized management skills and may invest in relatively few properties, a small geographic area or a small number ofproperty types. REITs depend generally on their ability to generate cash flow to make distributions to shareholders or unitholders and may be subject
to defaults by borrowers and to self-liquidations. As a result, investments in REITs may be volatile. REITs also have their own fees and expenses, andthe Funds will indirectly bear a proportionate share of those fees and expenses.
Secondary Market Trading Risk — Investors buying or selling shares in the secondary market will generally pay brokerage commissions or othercharges imposed by brokers as determined by that broker. Brokerage commissions are often a fixed amount and may be a significant proportional costfor investors seeking to buy or sell relatively small amounts of shares. In addition, secondary market investors will also incur the cost of the difference
between the price that an investor is willing to pay for shares (the “bid” price) and the price at which an investor is willing to sell shares (the “ask”
price). This difference in bid and ask prices is often referred to as the “spread” or “bid/ask spread.” The bid/ask spread varies over time for shares basedon trading volume and market liquidity, and is generally lower if the Funds’ shares have more trading volume and market liquidity and higher if theFund’s shares have little trading volume and market liquidity. Further, increased market volatility may cause increased bid/ask spreads.
Although the shares are listed on the Exchange, there can be no assurance that an active or liquid trading market for them will develop or be
maintained. In addition, trading in shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange,
make trading in shares inadvisable. Further, trading in shares on the Exchange is subject to trading halts caused by extraordinary market volatility
pursuant to the Exchange “circuit breaker” rules. There can be no assurance that the requirements of the Exchange necessary to maintain the listingof the Fund will continue to be met or will remain unchanged.

Sector Risk — To the extent that the Funds invest a significant portion of assets in a particular sector, the Funds may be susceptible to loss due toadverse occurrences affecting that sector.

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Notes to Financial Statements
October 31, 2023 (Unaudited)

Small and Medium Capitalization Company Risk — Investing in securities of small and medium capitalization companies involves greater risk
than customarily is associated with investing in larger, more established companies. These companies’ securities may be more volatile and less liquidthan those of more established companies. These securities may have returns that vary, sometimes significantly, from the overall securities market.
Small and medium capitalization companies are sometimes more dependent on key personnel or limited product lines than larger, more diversified
companies. Often, small and medium capitalization companies and the industries in which they focus are still evolving and, as a result, they may be
more sensitive to changing market conditions.
Value Investment Risk — The Funds may consider certain value metrics when selecting stocks for inclusion in their portfolio and, as a result, theFunds may underperform when the market favors stocks with growth characteristics or a non-value investment approach. Value investments are
subject to the risk that their intrinsic value may never be realized by the market.

7. GUARANTEES AND INDEMNIFICATIONSIn the normal course of business, the Funds enter into contracts with third-party service providers that contain a variety of representations and warranties
and that provide general indemnifications. Additionally, under the Funds’ organizational documents, the officers and trustees are indemnified against
certain liabilities arising out of the performance of their duties to the Funds. The Funds’ maximum exposure under these arrangements is unknown, as
it involves possible future claims that may or may not be made against the Funds. Based on experience, the Investment Adviser is of the view that therisk of loss to the Funds in connection with the Funds’ indemnification obligations is remote; however, there can be no assurance that such obligations
will not result in material liabilities that adversely affect the Funds.

8. INCOME TAXESThe amount and character of income and capital gain distributions to be paid, if any, are determined in accordance with Federal income tax regulations,which may differ from U.S. GAAP. These differences are primarily attributable to redemption in-kind transactions and net operating loss. As a result,net investment income (loss) and net realized gain (loss) on investment transactions for a reporting period may differ significantly from distributions
during such period.
For tax purposes, short term realized gains are considered ordinary income. The tax character of dividends and distributions declared during the mostrecent fiscal year ended April 30, 2023, were as follows:

Fund
Cambria Shareholder Yield ETF
Cambria Foreign Shareholder Yield ETF
Cambria Global Value ETF
Cambria Global Momentum ETF
Cambria Global Asset Allocation ETF
Cambria Value and Momentum ETF
Cambria Global Tail Risk ETF
Cambria Emerging Shareholder Yield ETF
Cambria Tail Risk ETF
Cambria Trinity ETF
Cambria Cannabis ETF
Cambria Global Real Estate ETF

Ordinary Income$15,158,346
5,789,832
5,123,088
3,308,682
1,914,838
1,755,804—
5,803,121
5,934,009
3,255,280
415,452783,635

Long-Term
Capital Gains$3,350,442———
178,108——
1,582,524—
822,647——

Return of Capital
$—
—
—
—
—
—
—
—
—
—
—
—

9. SUBSEQUENT EVENTSManagement has evaluated subsequent events through the date of issuance of these financial statements and has determined that there are no
subsequent events that require adjustment to, or disclosure in, the financial statements.

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Disclosure of Fund Expenses
October 31, 2023 (Unaudited)

All ETFs have operating expenses. As a shareholder of an ETF, your investment is affected by these ongoing costs, which include (among others) costs
for ETF management and brokerage fees. It is important for you to understand the impact of these costs on your investment returns. Shareholders may
incur brokerage commissions on their purchase and sales of Fund Shares, which are not reflected in the examples below.
Operating expenses, such as these, are deducted from an ETF’s gross income and directly reduce its final investment return. These expenses are
expressed as a percentage of the ETF’s average net assets, known as the ETF’s expense ratio.
The following examples use the Funds’ expense ratio and are intended to help you understand the ongoing costs (in dollars) of investing in each
Fund and to compare these costs with those of other funds. The examples do not reflect any brokerage commissions that you may pay on purchases
and sales of Shares. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period(May 1, 2023 - October 31, 2023).
The table below illustrates each Funds’ costs in two ways:
Actual Fund Return. This section estimates the actual expenses after fee waivers that each Fund incurred over the period. The “Expenses Paid During
Period” column shows the actual dollar expense cost incurred by a $1,000 investment in each Fund, and the “Ending Account Value” number is derived
from deducting that expense cost from each Funds’ gross investment return.
This information, together with the actual amount invested in each Fund, can be used to estimate the expenses paid over that period. Simply divide
your actual account value by $1,000 to arrive at a ratio (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply that ratio by the
number in the first line under the heading “Expenses Paid During Period.”
Hypothetical 5% Return. This section provides information about hypothetical costs with those of other funds. It assumes that each Fund had
an annual 5% return before expenses during the period, but that the expense ratio for the period is unchanged. This example is useful in making
comparisons because the Commission requires all funds to make this 5% calculation. You can assess each Funds’ comparative cost by comparing the
hypothetical result in the “Expenses Paid During Period” column with those that appear in the same charts in the shareholder reports for other funds.
NOTE: Because the return is set at 5% for comparison purposes — NOT your Fund’s actual return — the account values shown may not apply to yourspecific investment.
Beginning
Account Value
May 1, 2023

EndingAccount Value
October 31, 2023

ExpenseRatio(a)Expenses Paid
During period
May 1, 2023 October 31, 2023(b)$ 1,000.00
1,000.00$ 1,024.30
1,022.17

0.59%
0.59%

$ 3.003.00

1,000.00
1,000.00

966.001,022.17

0.59%
0.59%

2.92
3.00

1,000.00
1,000.00

967.201,021.97

0.63%
0.63%

3.12
3.20

1,000.00
1,000.00

953.601,022.17

0.59%
0.59%

2.90
3.00

1,000.00
1,000.00

971.701,025.14

0.00%
0.00%

0.00
0.00

Shareholder Yield ETF
ActualHypothetical (5% return before expenses)

Foreign Shareholder Yield ETF
ActualHypothetical (5% return before expenses)

Global Value ETF
ActualHypothetical (5% return before expenses)

Global Momentum ETF
ActualHypothetical (5% return before expenses)

Global Asset Allocation ETF
ActualHypothetical (5% return before expenses)

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Disclosure of Fund Expenses
October 31, 2023 (Unaudited)

Beginning
Account Value
May 1, 2023

EndingAccount Value
October 31, 2023

ExpenseRatio(a)Expenses Paid
During period
May 1, 2023 October 31, 2023(b)$ 1,000.00
1,000.00$ 1,064.40
1,022.07

0.61%
0.61%

$ 3.173.10

1,000.00
1,000.00

991.301,021.92

0.64%
0.64%

3.20
3.25

1,000.00
1,000.00

1,008.90
1,021.92

0.64%
0.64%

3.23
3.25

1,000.00
1,000.00

896.301,022.17

0.59%
0.59%

2.81
3.00

1,000.00
1,000.00

980.101,025.14

0.00%
0.00%

0.00
0.00

1,000.00
1,000.00

860.301,023.03

0.42%
0.42%

1.96
2.14

1,000.00
1,000.00

930.701,022.17

0.59%
0.59%

2.86
3.00

Value and Momentum ETF
ActualHypothetical (5% return before expenses)

Global Tail Risk ETF
ActualHypothetical (5% return before expenses)

Emerging Shareholder Yield ETF
ActualHypothetical (5% return before expenses)

Tail Risk ETF
ActualHypothetical (5% return before expenses)

Trinity ETF
ActualHypothetical (5% return before expenses)

Cannabis ETF
ActualHypothetical (5% return before expenses)

Global Real Estate ETF
ActualHypothetical (5% return before expenses)(a)(b)

The Funds’ expense ratios have been annualized based on the Funds’ most recent fiscal half-year expenses.
Expenses are equal to the Funds’ annualized expense ratio multiplied by the average account value over the period, multiplied by the number ofdays in the most recent fiscal half-year 184/366 (to reflect the half-year period).

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Cambria ETF Trust

Approval of Sub-Advisory Agreement and Board Consideration
October 31, 2023 (Unaudited)

At a quarterly Board meeting held on March 7, 2023, the Board, including all of the members who are not “interested persons” of Cambria ETF Trust(the “Trust”), Cambria Investment Management, L.P. (the “Adviser”) or Toroso Investments, LLC (the “Sub-Adviser”), as defined in the Investment
Company Act of 1940, as amended (collectively, the “Independent Trustees”), met to discuss, among other things, Cambria’s proposed delegation of
trading services to Toroso, including its impact on the Funds, and to consider, and vote on, the approval of the Sub-Advisory Agreement with respect
to each Fund. In preparation for its deliberations, the Board requested and received written responses from Toroso to a due diligence questionnaire
circulated on the Board’s behalf. During its deliberations, the Board received an oral presentation from Cambria and Toroso, and they were assisted by
the advice of independent legal counsel.
Prior to the meeting on March 7, 2023, the Board reviewed written materials, including information from Toroso regarding, among other things: (i) thenature, extent, and quality of the services to be provided to the Funds by Toroso; (ii) the cost of the services to be provided and the profits expected
to be realized by Toroso, or its affiliates, from services rendered to each Fund; (iii) the sub-advisory fee and the extent to which any economies of scale
might be realized as a Fund grows and whether the sub-advisory fee for a Fund reflects these economies of scale for the benefit of the Fund; (iv) any
other financial benefits (such as soft dollars, if any) to be derived by Toroso or its affiliates resulting from services rendered to the Funds; (v) Toroso’s
reputation, personnel, operations and financial condition; and (vi) other factors the Board deemed to be relevant. Additionally, at the meeting on
March 7, 2023, representatives from Toroso provided an oral overview of the services to be provided to the Funds by Toroso.
The Board, in considering the Sub-Advisory Agreement, relied upon representations from Cambria that: (i) the engagement of Toroso was not expected
to result in any material changes to (1) the nature, quality and extent of services provided to the Funds by Cambria, (2) Cambria’s compliance program
or code of ethics, and (3) the Fund’s fees and expense ratio; and (ii) Mebane Faber, the current portfolio manager for each Fund, will continue to serveas portfolio manager for each Fund for the foreseeable future.
The discussion below outlines in greater detail the materials and information presented to the Board in connection with its consideration and approvalof the Sub-Advisory Agreement, and the conclusions made by the Board at the meeting held on March 7, 2023, when determining to approve the
Sub-Advisory Agreement for an initial two-year term.
Nature, Extent and Quality of Services. The Board considered the scope of services to be provided to the Funds under the Sub-Advisory
Agreement, noting that Toroso will be providing certain sub-advisory services to the Funds, such as trading the Funds’ portfolio securities basedon instructions from Cambria, but Cambria will perform the day-to-day active management of the Funds’ strategies and continue to select each
Fund’s investments. The Board noted the other responsibilities that Toroso would have as the Funds’ investment sub-adviser, including: executing
portfolio security trades for purchases and redemptions of the Funds’ shares; oversight of general portfolio compliance with applicable securities laws,
regulations, and investment restrictions; proxy voting; responsibility for daily monitoring of portfolio exposures and quarterly reporting to the Board;and implementation of Board directives as they relate to the Funds. The Trustees further noted that they had received and reviewed Toroso’s response
to a detailed series of questions regarding its business operations, key personnel, investment decision-making process, and compliance policies. The
Board also considered Toroso’s resources and capacity with respect to trading, compliance, and operations given the number of funds for which it
would serve as sub-adviser.
Investment Performance of the Funds. The Board noted that Toroso has not previously provided sub-advisory services to the Funds, and Toroso
does not currently manage funds and/or client accounts with investment strategies similar to those of the Funds. In addition, the Board noted that
Cambria will retain responsibility for the day-to-day active management of the Funds’ strategies and the individual selection of investments for each
Fund’s portfolio. Accordingly, the Board determined that neither past nor future Fund performance will be a significant consideration with respect tothe Board’s approval of the Sub-Advisory Agreement.
Costs of Services to be Provided and Economies of Scale. The Board then reviewed the sub- advisory fee to be paid by the Adviser to Toroso for
its services to each Fund. The Board considered the fees to be paid to Toroso would be paid by the Adviser from the unitary fee the Adviser receives
from a Fund, noting that the sub-advisory fee reflected an arm’s-length negotiation between the Adviser and Toroso. The Board further determined
the sub-advisory fee reflects an appropriate allocation of the advisory fee paid to the Adviser given the work to be performed by each firm. The Board
also evaluated the compensation and benefits expected to be received by Toroso from its relationship with the Fund, taking into account an analysis
of Toroso’s estimated profitability with respect to each Fund.
The Board expressed the view that Toroso might realize economies of scale in managing the Funds as assets grow in size. The Board further notedthat because each Fund pays the Adviser a unified fee, any benefits from breakpoints in the sub-advisory fee schedule would accrue to the Adviser,rather than Fund shareholders. Consequently, the Board determined that it would monitor fees as the Funds grow to determine whether economies
of scale were being effectively shared with the Funds and their shareholders.

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Approval of Sub-Advisory Agreement and Board Consideration
October 31, 2023 (Unaudited)

Approval of the Sub-Advisory Agreement. Based on the Board’s deliberations and its evaluation of the information described above and otherfactors and information it believed relevant in the exercise of its reasonable business judgment, the Board, including all of the Independent Trustees,
with the assistance of Trust counsel, unanimously concluded that the terms of the Sub-Advisory Agreement, including the fees to be paid thereunder,
were fair and reasonable and agreed to approve the Sub-Advisory Agreement for an initial term of two years and recommend the approval of the SubAdvisory Agreement to the Funds’ shareholders. In its deliberations, the Board did not identify any absence of information as material to its decision,or any particular factor (or conclusion with respect thereto) or single piece of information that was all-important, controlling or determinative of its
decision, but considered all of the factors together, and each Trustee may have attributed different weights to the various factors (and conclusions
with respect thereto) and information.

Semi-Annual Report | October 31, 2023 

69

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Supplemental Information
October 31, 2023 (Unaudited)

Net asset value, or “NAV”, is the price per share at which a fund issues and redeems shares. It is calculated in accordance with the standard formulafor valuing mutual fund shares. The “Market Price” of a fund generally is determined using the midpoint between the highest bid and the lowest offer
on the stock exchange on which the Shares of the fund are listed for trading, as of the time that the fund’s NAV is calculated. A fund’s Market Price
may be at, above or below its NAV. The NAV of a fund will fluctuate with changes in the market value of the fund’s holdings. The Market Price of a fundgenerally fluctuates in response to changes in its NAV, as well as market supply and demand. The data represented in the table below represents past
performance and cannot be used to predict future results.
Premiums or discounts are the differences (expressed as a percentage) between the NAV and Market Price of a fund on a given day, generally at thetime NAV is calculated. A premium is the amount that a fund is trading above the reported NAV, expressed as a percentage of the NAV. A discount is
the amount that the Fund is trading below the reported NAV, expressed as a percentage of the NAV.

Shareholder Yield ETF
Foreign Shareholder Yield ETF
Global Value ETF
Global Momentum ETF
Global Asset Allocation ETF
Value and Momentum ETF
Global Tail Risk ETF
Emerging Shareholder Yield ETF
Tail Risk ETF
Trinity ETF
Cannabis ETF
Global Real Estate ETF

Market PriceOne Year Total Return(2.19)%
9.43%
9.13%(9.54)%(1.04)%(7.25)%(40.47)%
10.47%
23.90%(4.67)%(30.67)%(12.01)%Market Price,
End of Period
$
59.00
23.45
19.12
26.18
25.79
26.08
12.87
27.43
19.18
23.91
5.20
21.98

FUND PROXY VOTING POLICIES & PROCEDURESThe Funds’ policies and procedures used to determine how to vote proxies relating to portfolio securities are available, without charge and uponrequest, by calling 855-ETF-INFO (383-4636). This information is also available on the SEC’s website at www.sec.gov.
Information regarding how each Fund voted proxies for portfolio securities, if applicable, during the most recent 12-month period ended June 30, is
also available without charge and upon request, by calling 855-ETF-INFO (383-4636) or accessing the SEC’s website at www.sec.gov.

PORTFOLIO HOLDINGS
Quarterly holdings as of the first and third fiscal quarters are available on the Funds’ website at www.cambriafunds.com. The Funds file complete
schedules of portfolio holdings with the SEC for the first and third fiscal quarters on Part F of Form N‐PORT. The Funds’ Part F of Form N-PORT are
available, without charge and upon request, by calling 855-ETF-INFO (383-4636). This information is also available on the SEC’s website at www.sec.gov
or at the Funds’ website at www.cambriafunds.com.

PREMIUM/DISCOUNT INFORMATION
Information regarding how often shares of the Fund trade on the exchange at a price above (i.e., at a premium) or below (i.e., at a discount) to its daily
NAV is available, without charge, on the Funds’ website at www.cambriafunds.com.

70www.cambriafunds.com

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Investment Adviser:
Cambria Investment Management, L.P.
3300 Highland Ave
Manhattan Beach, CA 90266
Investment Sub-Advisory
Tidal Investments LLC
234 West Florida Street, 2nd Floor
Milwaukee, WI 53204
Distributor:
ALPS Distributors Inc.
1290 Broadway Suite 1000
Denver, CO 80203
Legal Counsel:
Morgan, Lewis & Bockius LLP
1111 Pennsylvania Avenue, NW
Washington, DC 20004-2541
Independent Registered Public Accounting Firm:
Cohen & Company, Ltd.
1350 Euclid Avenue, Suite 800
Cleveland, Ohio, 44115
Custodian
U.S. Bank N.A.Custody Operations
1555 North RiverCenter Drive, Suite 302
Milwaukee, Wisconsin 53212
Fund Administrator
Tidal ETF Services LLC
234 West Florida Street, Suite 203
Milwaukee, Wisconsin 53204
Transfer Agent, Fund Accountant and Fund Sub-Administrator
U.S. Bancorp Fund Services, LLC
615 East Michigan Street
Milwaukee, Wisconsin 53202
This information must be preceded or accompanied by a current prospectus.